Investing.com - Oil Wednesday extended gains after industry data showed a big draw in U.S. crude stocks in the latest week.
U.S. crude was up 48 cents, or 1.00%, at $48.37 at 08:00 ET. Brent added 36 cents, or 0.72%, to $50.56.
The American Petroleum Institute Tuesday reported a fall in U.S. crude inventories of 10.23 million barrels.
The API was forecast to report a fall in crude stocks of 3.0 million barrels.
The Energy Information Administration is forecast Wednesday to report a fall in crude inventories of 2.63 million barrels.
Oil advanced Tuesday, buoyed by Saudi Arabia's pledge to cut crude exports beginning next month.
OPEC and non-OPEC producers may extend an accord on cutting output by 1.8 million barrels a day to beyond March.