Oil prices have remained steady after the US Energy Department reported a drawdown of crude inventories.

Brent crude LCOc1 edged-up 10 cents at $47.27 a barrel, while the US West Texas Intermediate crude for September delivery CLc1 rose 12 cents at $45.87 a barrel, Reuters reported.

Data released by the US Energy Information Administration highlighted a fall in crude inventories to 2.3 million barrels in the week ending 15 July.

However, at 519.5 million barrels, the stocks are high.

"Near-term there are still some downside risks."

ABN AMRO senior energy economist Hans van Cleef told the news agency that investors were concerned by the oversupply and high inventories across the globe.

Cleef said: "Near-term there are still some downside risks.”

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By GlobalData

EIA report said that gasoline stocks in the US increased 911,000 barrels last week.

During July, Americans traditionally take to the road, resulting in an increase in gasoline demand.

This week, traders warned that an oversupply in refined products has worsened an outlook, which is already bleak for crude oil in the US for the rest of the year and the first half of next year.