Oil prices edged higher on Wednesday, as surging U.S. fuel demand and strong refinery runs offset data from the Energy Department that showed crude inventories did not fall as much as expected last week. Crude inventories in the United States fell by 1.5 million barrels in the week to July 28, the Energy Information Administration said, about half the decline analysts had expected. However, the report also showed estimated weekly gasoline demand at a record high 9.842 million barrels.

Brent crude futures ended the session up 1.1 percent, or 58 cents, at $52.36 a barrel after hitting a session low of $51.18.

U.S. West Texas Intermediate crude rose 0.9 percent to settle at $49.59 a barrel, after falling to a low of $48.55 earlier in the session.

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