Oil wavers around the flat line after EIA report

Oil prices oscillated without a clear direction on Wednesday after US EIA reported that crude supplies fell more than expected last week.

West Texas Intermediate crude for September was 0.15% lower at $46.50 a barrel on the New York Mercantile Exchange.

WTI was trading at around $45.93 before the supply data, but failed to extend gains as investors remain cautious following a sharp rally seen earlier this week and ahead of the FOMC minutes release.

The US Energy Information Administration reported crude stockpiles fell by 2.508 million barrels in the week ended Aug 12, versus an increase of 522,000 barrels expected, but above the 1 million drawdown reported by API on Tuesday.