Oil prices rose as the Chinese market participants returned from public holidays.
Yesterday's U.S. crude inventories data still weighed on oil prices. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 3.07 million barrels to 461.0 million in the week to October 02. It was the second consecutive increase.
Analysts had expected U.S. crude oil inventories to rise by 2.00 million barrels.
Gasoline inventories increased by 1.9 million barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, climbed by 98,000 barrels.
WTI crude oil for November delivery rose to $48.89 a barrel on the New York Mercantile Exchange.
Brent crude oil for November climbed to $52.38 a barrel on ICE Futures Europe.