Oil prices spiked on Wednesday after U.S. government data showed weekly crude stockpiles fell more than expected.
Figures released Wednesday by the Energy Information Administration showed U.S. commercial crude inventories declined by 4.1 million barrels to 526.6 million barrels in the week through June 24.
Data from the American Petroleum Institute released on Tuesday showed that U.S. crude inventories fell by 3.9 million barrels in the week to June 24, far more than the 2.4 million barrels expected by analysts.
Brent crude futures were up $1.09, or 2.2%, at $49.67 U.S. per barrel mid-morning Wednesday. U.S. crude climbed $1.11, or 2.3%, to $48.96 U.S. a barrel.
Gasoline stockpiles rose by 1.4 million barrels, while distillate fuel inventories decreased by 1.8 million barrels.
U.S. crude oil production fell by 55,000 barrels a day, according to preliminary weekly figures, after a decline of 39,000 bpd in the previous week.
