Investing.com - Oil held onto sharp gains Wednesday as U.S. crude stocks fell more than expected in the latest week, official data showed Wednesday.
West Texas Intermediate was up 2.73% at $46.27 after the data release.
The Energy Information Administration said crude inventories fell by 7.564 million barrels after a drop of 6.299 million barrels the previous week.
Crude inventories were forecast to fall by 2.850 million barrels.
Gasoline stocks fell by 1.647 million barrels after a fall of 3.669 million barrels the previous week.
Gasoline inventories were expected to rise by 1.147 million barrels.