Brent crude futures, the international benchmark for oil prices, were at $51.01 per barrel at 0023 GMT, up 21 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $47.70 a barrel, up 15 cents, or 0.3 percent.

Oil prices were uppish on Wednesday as inventories in US continue to fall. However, it is yet to see whether the decline in inventories will have an impact on oil prices for a longer term with omnipresent glut in oil markets.

U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday.

While these producers have tried to limit their oil output, U.S. shale oil continues to rise,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

The Organization of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 million barrels per day (bpd) between January this year and March 2018.

Offsetting much of that effort, however, U.S. oil production has soared by almost 12 percent since mid-2016 to 9.42 million bpd.