Crude oil futures bounced back on Wednesday, on data showing a sharp decline in supplies of US crude, but gains were capped by a surprise uptick in gasoline stockpiles. The report from the Energy Information Administration (EIA) showed crude stockpiles fell by more than expected last week, pointing to an uptick in refinery activity. EIA reported that US crude oil inventories fell by 6.5 million barrels to 1.15 billion barrels while gasoline inventories rose 3.4 million barrels to 231.1 million barrels in the week ended Aug. 4. It was sixth-straight week of falling crude inventories.

Benchmark crude oil futures for September delivery gained $0.23 or 0.5 percent to $49.41 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended higher by $0.53 at $52.67 a barrel on the ICE.

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