Oil prices settled higher on Wednesday after data showed bigger weekly draw than forecast in U.S. crude inventories.

Crude oil inventories fell by 4.7 million barrels in the July 14 week to 490.6 million, paring down the year-on-year gain by 0.5 percentage points to 0.4 percent, the U.S. Energy Information Administration said on Wednesday.

The news eased concerns about a lingering global supply glut.

The West Texas Intermediate for August Delivery added 0.72 dollar to settle at 47.12 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 0.86 dollar to close at 49.70 dollars a barrel on the London ICE Futures Exchange.