Oil prices hit session highs on Wednesday, rising to their highest since June, after the U.S. government reported another surprise weekly drawdown in crude inventories.
Brent crude rose , 89 cents, or 1.8 percent, to $51.76 a barrel at 3:22 p.m. ET (1932 GMT), off a nearly four-month of $52.09 struck earlier in the session.
U.S. crude settled up $1.14, or 2.3 percent, at $49.83, after earlier rising to $49.97, its highest level since June 29.
U.S. crude inventories dropped by 3 million barrels to a total of 499.7 barrels in the week through Sept. 30, U.S. Energy Information Administration (EIA) reported Wednesday. That marked a fifth straight weekly drop.
Analysts polled by Reuters had forecast a build of 2.6 million barrels. But the American Petroleum Institute (API), a trade group, on Tuesday set market expectations for an inventory decline by reporting a 7.6 million-barrel drop.