Oil prices extended gains after closing at a seven-week high on Tuesday after an industry group reported a huge drop in U.S. crude stockpiles.
U.S. crude inventories fell by 10.2 million barrels in the week ending July 21 to 487 million, the American Petroleum Institute reported, compared with expectations for a decrease of 2.6 million barrels.
The U.S. Energy Information Administration releases official government data on Wednesday morning.
U.S. West Texas Intermediate (WTI) futures were up $2.11, or 4.6 percent, to $48.45 a barrel by 4:42 p.m. ET. They climbed $1.55, or 3.3 percent, to end Tuesday's session at $47.89, its best closing level since June 7.
Global benchmark Brent crude for September delivery was up $2.11, or 4.3 percent, at $50.71 a barrel, after touching a seven-week intraday high in Tuesday's session.