Oil prices on Wednesday extended gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures rose 65 cents, or 1.4 percent to $48.17 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.77 per barrel, up 73 cents, or 1.6 percent. Both settled about 1.4 percent higher on Tuesday. 

The oil price climbed sharply overnight as the Energy Information Agency cut its forecast for U.S. production in 2018 and API data showed another large inventory draw-down," said Ripples Advisory.

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