Oil extends gains as U.S. crude stocks fall more than expected

Investing.com - Oil extended gains Wednesday as U.S. crude stocks fell more than expected in the latest week, official data showed Wednesday.West Texas Intermediate was up 1.77% at $48.74 after the data release.The Energy Information Agency said crude inventories fell by 7.208 million barrels after a drop of 4.727 million barrels the previous week.Crude inventories were forecast to fall by 2.692 million barrels.Gasoline stocks fell by 1.015 million barrels after a fall of 4.445 million barrels the previous week.Gasoline inventories were expected to fall by 614,000 barrels.

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