On Wednesday U.S. oil futures edged higher after data showed that U.S.
stockpiles dropped more-than-expected last week, eliminating worries over the
global supply glut.
U.S. crude futures for October delivery were at $46.72 a barrel, from around $46.56 ahead of the report.
On the ICE Futures Exchange in London, the November Brent crude contract was at $49.62 a barrel from $49.49 earlier.
The U.S. Energy Information Administration said U.S. crude oil stocks declined by 1.925 million barrels last week, while U.S. crude stocks had been expected 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 eclipsing 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.
