Oil prices increase on U.S. crude oil inventories data

Oil prices increased on U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories fell by 4.407 million barrels to 455.3 million in the week to July 31.

Analysts had expected U.S. crude oil inventories to decline by 1.95 million barrels.

Gasoline inventories climbed by 811,000 barrels last week, according to the EIA.

Crude stocks at the Cushing, Oklahoma, declined by 542,000 barrels.

U.S. crude oil imports decreased by 370,000 barrels per day.

Refineries in the U.S. were running at 96.1% of capacity.

Gains were limited due to a stronger U.S. dollar. The U.S. dollar rose against other major currencies after the release better-than-expected ISM non-manufacturing PMI. The index soared to 60.3 in July from 56.0 in June, exceeding expectations for an increase to 56.2. It was the highest level since August 2005.

A reading above 50 indicates a growth in the service sector.

The increase was driven by rises in in business activity, employment and new orders.

WTI crude oil for September delivery increased to $46.70 a barrel on the New York Mercantile Exchange.

Brent crude oil for September rose to $50.80 a barrel on ICE Futures Europe.