Oil prices turned around on Wednesday after a surprise draw down in U.S. supply lifted sentiment in the market.
U.S. crude inventories decreased by 3.1 million barrels last week, according to Energy Information Administration.
Brent crude futures traded 22 cents higher at $62.36 a barrel. U.S. West Texas Intermediate crude rose 26 cents to $54.16 a barrel. On Tuesday, it had recorded its biggest daily rise since early January.
The reported EIA data was more bullish than previous supply data released on Tuesday. The American Petroleum Institute said U.S. crude inventories had fallen by 812,000 barrels.
