Crude oil futures made some recovery and ended higher on Wednesday, as investors cheered data showing supplies of U.S. crude fell for the fifth-straight week while refinery activity continued to grow. Crude prices though were under pressure in the early trade but recovered after a report from the Energy Information Administration (EIA) showed crude and gasoline stockpiles fell last week, pointing to an uptick in demand for crude and refinery activity. EIA reported that inventories of U.S. crude fell by roughly 1.5m barrels in the week ended July 28. Gasoline inventories fell by roughly 2.5m barrels, while distillate stockpiles fell by 150,000 barrels.

Benchmark crude oil futures for September delivery gained $0.42 or 0.87 percent to $49.59 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended higher by 0.71 percent at $52.15 a barrel on the ICE.

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