Oil prices rose on Wednesday after report showed U.S. crude inventories fell more than expected.

U.S. crude oil inventories fell by a sharp 6.5 million barrels in the August 4 week to 475.4 million, 3.6 percent below the level a year ago, according to a report released by the U.S. Energy Information Administration. The figure was steeper than the expected decrease of 2.7 million barrels.

Analysts said the latest inventory data helped ease market concerns about global glut and supported oil prices on Wednesday.

The West Texas Intermediate for September Delivery added 0.39 U.S. dollar to settle at 49.56 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained 0.56 dollar to close at 52.70 dollars a barrel on the London ICE Futures Exchange.