Investing.com - Oil prices were higher in North American trade on Wednesday, after data from the U.S. Energy Information Administration showed that domestic crude supplies rose last week, but gasoline inventories fell more than forecast.
The U.S. West Texas Intermediate crude August contract was at $44.56 a barrel by 10:40AM ET (1440GMT), up 34 cents, or around 0.8%. Prices were at around $44.22 prior to the release of the inventory data
Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London tacked on 34 cents, or about 0.7%, to $47.26 a barrel.
Crude prices posted sharp gains on Tuesday, with the commodity logging its fourth wining session in a row.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 118,000 barrels in the week ended June 23.
Market analysts' expected a crude-stock decline of around 2.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 851,000 barrels.
Total U.S. crude oil inventories stood at 509.2 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 decreased by 894,000 barrels, compared to expectations for a drop of 583,000 barrels.
For distillate inventories including diesel, the EIA reported a fall of 223,000 barrels.
Oil prices have been under pressure in recent weeks as concern over rising U.S. shale output offset production cuts by OPEC and non-OPEC members.
U.S. drillers last week added rigs for the 23rd week in a row, according to data from energy services company Baker Hughes, implying that further gains in domestic production are ahead.
The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market.
Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.
Elsewhere on Nymex, gasoline futures for August rose 1.6 cents, or 1.2%, to $1.452 a gallon, while August heating oil added 1.2 cents to $1.431 a gallon.
Natural gas futures for August delivery tacked on 3.5 cents to $3.099 per million British thermal units.