West Texas Intermediate futures for October delivery climbed to $47.27 (+0.25%), while Brent crude rose to $50.09 (+0.68%) still supported by Energy Information Administration's data released yesterday. However gains are slowing as the focus returns to the Federal Reserve's two day meeting, which ends today.

Yesterday's report showed a 2.1 million barrel drop in U.S. crude inventories in the week to September 11 including a 1.9 million barrel decline at the Cushing trading hub.

Some analysts note that non-OPEC and non-U.S. supply started to decline as low prices weigh on producers. Output cuts would lead to a combined reduction of 400 million barrels per day by the end of the year, but the global glut would persist through 2016.