Crude oil futures extending their gains surged on Wednesday after a surprisingly large drop in U.S. oil inventories. A report from the Energy Information Administration (EIA) showed crude and gasoline stockpiles fell by more than expected last week, fuelling expectations that an uptick in demand during the second-half of the year would reduce some of the surplus supplies. EIA reported that domestic crude supplies fell by 4.7 million barrels for the week ended July 14. Gasoline stockpiles also fell by 4.4 million barrels, while distillate stockpiles declined by 2.1 million barrels last week.

Benchmark crude oil futures for August delivery gained $0.72 or 1.6 percent to $47.12 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by 1.82 percent at $49.73 a barrel on the ICE.

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