Oil prices eked out gains on Wednesday in a volatile session as the market mulled U.S. government data showing that while there were signs a crude glut may be receding, crude inventories remain large with gasoline demand weak.
Futures firmed following the Federal Reserve's decision to leave interest rates unchanged.
U.S. West Texas Intermediate (WTI) crude ended the day's trading 16 cents higher at $47.82 a barrel, after earlier dipping to a five-week low of $47.30. Benchmark Brent crude was up 27 cents at $50.73 a barrel, by 2:38 p.m. ET (1638 GMT)
The U.S. Energy Information Administration (EIA) said weekly crude stocks fell by 930,000 barrels to 527.8 million, less than half the 2.3 million-barrel draw that had been forecast.
"U.S. domestic production rose again, and continues its steady climb," said John Kilduff, partner at energy hedge fund Again Capital in New York. He noted that a sharp decline in imports turned what would have been an increase in stocks into a small drawdown.