Crude oil futures extended their gains on Wednesday after the government report said crude oil prices dropped for the eighth consecutive week. Data showed US supplies of crude oil fell for an eighth-straight week while fears of falling demand for gasoline eased, following a bigger-than-expected decline in gasoline inventories. Energy Information Administration (EIA) showed US crude-oil inventories were down 3.3 million barrels last week. Gasoline inventories fell by roughly 1.2m barrels, while distillate stockpiles rose by 28,000 barrels.

Benchmark crude oil futures for October delivery ended up by $0.67 or 1.2 percent to $48.41 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended higher by 1.39 percent at $52.59 a barrel on the ICE.

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