Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output capped gains. U.S. West Texas Intermediate crude rose 48 cents, or 1 percent, to $48.14 a barrel by 0030 GMT. On Tuesday, the market slid 2.4 percent to its lowest close since March 21. Benchmark Brent futures gained 59 cents, or 1.2 percent to $51.05 a barrel. U.S. crude stocks fell last week, and both gasoline and distillate inventories also dropped, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 4.2 million barrels in the week ended April 28 to 528.3 million barrels, compared with analyst expectations for a decrease of 2.3 million barrels.

Get us live on http://www.ripplesadvisory.com/services.php.