Investing.com - Oil prices were higher on Wednesday, maintaining gains after data from the U.S. Energy Information Administration showed domestic crude supplies fell more than expected last week.
The U.S. West Texas Intermediate crude September contract was at $49.52 a barrel by 10:35AM ET (1435GMT), up 35 cents, or around 0.7%. Prices were at around $49.49 prior to the release of the inventory data
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 40 cents, or 0.7%, to $52.50 a barrel.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 6.5 million barrels in the week ended August 4.
Market analysts' expected a crude-stock decline of around 2.7 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 7.8 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 569,000 barrels last week, the EIA said.
Total U.S. crude oil inventories stood at 475.4 million barrels as of last week, which the EIA considered to be at the upper half of the average range for this time of year.
The report also showed that gasoline inventories rose by 3.4 million barrels, disappointing expectations for a decline of 1.4 million barrels.
For distillate inventories including diesel, the EIA reported a fall of 1.7 million barrels.
Elsewhere on Nymex, gasoline futures for September ticked up 1.0 cent, or 0.6%, to $1.613 a gallon, while September heating oil added 0.8 cents to $1.637 a gallon.
Natural gas futures for September delivery rose 5.3 cents, or roughly 1.8%, to $2.873 per million British thermal units.