Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week.

U.S. Crude oil inventories fell 3.3 million barrels in the Aug. 18 week to 463.2 million, 6.0 percent below the level a year ago, according to data released by the Energy Information Administration. Crude stocks at the Cushing, Oklahoma, delivery hub fell 503,000 barrels, the data showed.

Analyst said data showed tightening U.S. inventories and eased market concerns for chronic global glut.

The West Texas Intermediate for October Delivery added 0.58 dollar to settle at 48.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained 0.70 dollar to close at 52.57 dollars a barrel on the London ICE Futures Exchange.