Crude oil futures moved further high on Wednesday, as investors cheered data showing supplies of US crude fell by more-than-expected for a fourth-straight week. A report from the Energy Information Administration (EIA) showed crude and gasoline stockpiles fell by more than expected last week. EIA said that crude inventories fell by 7.2 million barrels in the week to July 21. Gasoline inventories fell by roughly 1m barrels against expectations of a draw of 614,000 barrels, while distillate stockpiles fell by 1.9 m barrels.

Benchmark crude oil futures for August delivery gained $0.61 or 1.8 percent to $48.75 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended higher by 1.27 percent at $50.54 a barrel on the ICE.

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