Oil prices spiked higher after the close of Tuesday's session after an industry report suggested U.S. crude inventories fell more than expected.
The American Petroleum Institute reported U.S. crude stockpiles declined by 8.1 million barrels for the week ended July 7. Gasoline stocks also fell by about 800,000 barrels, API reported.
Analysts polled by Reuters forecast that U.S. crude inventories fell 3.2 million barrels while gasoline and distillate stocks each rose by 1.5 million barrels.
U.S. light crude rose more than 3 percent to $45.76 by 4:51 p.m. ET (2051 GMT) . They ended Tuesday's session 1.4 percent higher at $45.04. Benchmark Brent crude was up $1.31, or 2.8 percent, at $48.19 a barrel.
The U.S. Energy Information Administration reports official figures Wednesday morning.