Investing.com - Oil was at one-month highs Wednesday after industry figures showed a draw in U.S. stockpiles.
U.S. crude was up 58 cents, or 1.14%, at $51.61 at 08:15 ET. Brent crude added 67 cents, or 1.24%, to $54.84.
The American Petroleum Institute Tuesday reported a bigger-than-expected fall in U.S. crude stocks of 1.83 million barrels in the latest week.
Gasoline and distillate stocks also fell by more than forecast.
The Energy Information Administration (EIA) inventories is forecast later Wednesday to report a fall in crude stocks of 435,000 barrels.
Output cuts by major producers appear to be helping the oil market re-balance.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.