Investing.com - U.S. oil futures rose on Wednesday, after data showed that U.S. stockpiles fell more-than-expected last week, easing concerns over the global supply glut.
U.S. crude futures for October delivery were last at $46.72 a barrel, from around $46.56 ahead of the report.
On the ICE Futures Exchange in London, the November Brent contract was at $49.62 a barrel from $49.49 earlier.
The U.S. Energy Information Administration said U.S. crude oil stocks fell by 1.925 million barrels last week. Analysts had expected U.S. crude stocks to rise by 0.5333 million barrels.
The data came a day after industry group the American Petroleum Institute reported that crude stockpiles fell by 3.7 million barrels last week, compared to expectations for a 3.1 million decline.
Global oil production is outstripping demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production
Crude oil had weakened in reaction to a stronger dollar after comments by some Federal Reserve officials Monday night indicated that a U.S. rate hike is still on the cards this year.
St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart indicated in separate remarks that the U.S. central bank is still likely to raise short-term interest rates this year.
Investors were looking ahead to a speech by Fed Chair Janet Yellen later in the week for additional clarity on the bank’s decision last week to leave interest rates on hold.
A stronger dollar weighs on oil as it makes fuel imports more costly for holders of other currencies.