Oil prices rose early on Wednesday on a fall in U.S. crude inventories, although analysts said that markets were still being weighed down by general oversupply. Brent crude futures, the international benchmark for oil prices, were at $51.01 per barrel at 0023 GMT, up 21 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate crude futures were at $47.70 a barrel, up 15 cents, or 0.3 percent. API oil inventory data for last week was released showing a large 9.2 million barrel decline in crude inventories, while gasoline inventories showed a small build.

U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. That compared with analyst expectations for a decrease of 3.1 million barrels.

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