Investing.com - Oil rose Wednesday as industry data showed a bigger-than-expected fall in U.S. crude stocks in the latest week.
U.S. crude was up 42 cents, or 0.92%, at $46.30 at 08:00 ET. Brent crude added 42 cents, or 0.86%, to $49.15.
The American Petroleum Institute Tuesday reported a fall of 5.789 million barrels in crude inventories.
The Energy Information Administration inventories report is due out later Wednesday.
The EIA is forecast to report a fall in U.S. crude stocks of 1.786 million barrels in the latest week.
Concerns about rising U.S. output continue to overhang the market.
The EIA Tuesday raised its forecasts for U.S. supply this year and the next while cutting predictions for average oil prices.
Higher U.S. production has worked against the impact of output cuts of 1.8 million barrels a day in the first half by OPEC and non-OPEC producers.
Hopes remain intact for a possible extension of the output cut accord to the end of the year.