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Oil prices advanced on Wednesday after U.S. oil stockpiles unexpectedly fell as refiners stepped-up production and amid Turkey's threats to block crude exports from Iraq.
Brent, the international benchmark hovered near a 26-month high hit in the prior session. Brent crude futures traded up 29 cents or 0.5 percent at $58.73 per barrel. The contract ended down 1 percent,after reaching $59.49 per barrel earlier.
Meanwhile, U.S. crude rose 34 cents or 0.7 percent down to $52.22 per barrel, after ending down 0.7 percent in the preceding session after reaching a five-month peak of $52.43.
U.S. crude inventories declined by 761,000 barrels in the previous week as refineries increased output, while gasoline inventories fell and distillate stock declined, API data showed. The stockpile figures are contrary to market expectations.
API data also showed refinery crude runs increased by 1.3 million bpd, API data showed.
Crude oil production in one of the biggest producers in the U.S., Texas, declined less than 1 percent in July year-on-year. Any indication of weakness in U.S. production is seen as a positive impetus for prices amid increasing global oil demand.
