Investing.com – Oil was higher Wednesday as industry data showed a smaller-than expected build-up of U.S. crude stocks.
U.S. crude was up 28 cents, or 0.62%, at $45.18 at 07.00 ET. Brent rose 0.42% to $47.30.
Oil fell sharply Tuesday after a bearish report by the International Energy Agency (IEA).
The IEA forecast the current oversupply will extend into 2017.
American Petroleum Institute data Tuesday showed a lower-than-expected increase in U.S. crude stocks last week of 1.4 million barrels.
Official Energy Information Administration (EIA) figures are due out later Wednesday.
The EIA is expected to report a build-up in crude of 3.8 million barrels after a huge draw of 14.5 million barrels the previous week.
The dollar index was slightly lower. A weaker dollar underpins demand for oil.