Investing.com - Oil prices turned higher on Wednesday, after data from the U.S. Energy Information Administration showed that domestic crude supplies fell less than expected last week, but that gasoline stocks declined far more than forecast.
The U.S. West Texas Intermediate crude September contract was at $47.99 a barrel by 10:35 am ET (14 :35GMT), up 16 cents, or around 0.33%. Prices were at around $47.78 prior to the release of the inventory data.
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 34 cents, or 0.67%, to $52.19 a barrel.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 3.33 million barrels in the week ended August 18.
Market analysts' expected a crude-stock decline of around 3.45 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 3.6 million barrels.
However, the API report also showed a gain of 1.4 million barrels in gasoline stocks, while distillate stocks rose by 2.0 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, declined by 503,000 barrels last week, the EIA said.
The EIA report also showed that gasoline inventories dropped by 1.22 million barrels.
For distillate inventories including diesel, the EIA reported an increase of 28,000 barrels.
Oil prices were pressured lower earlier in the day, amid ongoing global supply glut concerns.
Libya's Sharara oil field, the country's largest, gradually restarted on Tuesday after a shutdown earlier this month due to a pipeline blockade. Output from the oilfield recently reached 280,000 barrels per day.
Elsewhere on Nymex, gasoline futures for September climbed 1.11%, to $1.585 a gallon, while September heating oil advanced cents 0.74 % to $1.6047 a gallon.
Natural gas futures for September delivery slid 0.44% to $2.894 per million British thermal units.