Oil prices have increased by around 1% following a fall in US crude stocks and low production in China.
International Brent crude futures were up 55 cents at $52.23 a barrel, while the US West Texas Intermediate (WTI) crude oil futures rose 56 cents and were trading at $50.85 per barrel, Reuters reported.
Oil prices also gained supported due to a slightly weaker dollar as countries holding other currencies find it cheaper to make fuel purchases.
A report released by the American Petroleum Institute on crude inventory numbers highlighted a 3.8 million barrels fall in US crude stockpiles in the week ending 14 October to 467.1 million barrels.
Investors are watching for crude and fuel storage data to be released by the US Energy Information Administration (EIA) later on Wednesday.
Organization of the Petroleum Exporting Countries (OPEC) secretary general Mohammed Barkindo’s statement that he is confident about the prospects of a planned production cut following an OPEC meeting next month supported oil prices.
Economic and trade data released in China revealed that economic growth was in line with expectations, at an annual growth rate of 6.7% in the third quarter.
Last month, the country processed 43.8 million tonnes of crude oil, representing an increase of 2.4% from a year ago, government data showed. Crude output also fell 9.8% to 3.89 million bpd.