Investing.com – Oil futures Wednesday extended their recovery from Brexit as U.S. crude inventories fell.
U.S. crude was up 31 cents, or 0.65%, at $48.16 at 07:45 ET after a high of $48.58, while Brent crude added 0.45% to $49.80 after high of $49.94.
American Petroleum Institute data showed that U.S. crude inventories fell by 3.9 million barrels in the latest reporting week.
Official Energy Information Administration figures are due out later Wednesday.
These are expected to show a drawdown of 2.365 million barrels in crude stocks.
The dollar was lower as a hike in U.S. rates seems more distant as a result of Brexit.
A weaker dollar underpins demand for oil.
Federal Reserve member Jerome Powell said Tuesday said Brexit had shifted global risks “to the downside.”
The market is pending the outcome of wage talks to avoid a strike by Norwegian oil rig workers.