Oil prices ended higher on Wednesday as government data showed U.S. oil inventories declined more than expected last week.
The U.S. Energy Information Administration (EIA) said in its weekly report on Wednesday that the country's crude inventories fell by 7.6 million barrels during last week, compared with market expectations for a decrease of 2.9 million barrels.
Analysts said the latest inventory data helped to ease market concerns about global oversupply and supported the oil prices on Wednesday.
The West Texas Intermediate for August Delivery added 45 cents to settle at 45.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 22 cents to close at 47.74 dollars a barrel on the London ICE Futures Exchange.
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