Oil futures came closer to 50 dollars a barrel on Wednesday, with U.S. crude hitting its highest in over seven months, writes Reuters. The day closed at 49.35 dollars/barrel.

Data consulted by the media outlet suggested that drawdown from U.S. inventories was larger than expected. American Petroleum Institute (API) trade group communicated that crude inventories dropped more than 5 million barrels last week, to almost 537 million barrels.

Apart from this, good evolution of U.S. stock and stronger domestic sales impacted favorably while the American analysts are expecting a raising of interest rates on the part of the Federal Reserve. Brent crude stopped its slide with 49.08 dollars/barrel, up 0.26 dollars from the previous trading session.

The wildfires in Canada led also some of the drawdown, because the U.S. neighbor just lost about 1.5 million barrels per day in production, notes Reuters. Gasoline stocks climbed by 3.6 million barrels, while inventories of distillate fuels, including diesel and heating oil, fell by 2.9 million barrels, the API data showed.

More than the economy of demand, this price increase was led by the supply disruptions coming from Canada and Nigeria, and the cap is very near, several managers of oil trading and shipping companies said to Reuters. The world is still awash with oil, they said.