Crude rises on stockpiles report

U.S. crude prices climbed up Wednesday amid smaller crude stockpiles and U.S.-led airstrikes against Islamic State militants in Syria.

U.S. crude stockpiles decreased 4.3 million barrels last week to 358 million barrels, according to a report from the Energy Information Administration. The sharp drop of supply in the United States pushed up crude prices.

Meanwhile, the report also showed that U.S. crude production climbed to 8.87 million barrels a day last week, reaching the highest level since 1986.

Additionally, the United States and its Arab allies on Tuesday launched airstrikes against Islamic State militants in Syria, which continued supporting crude prices.

Improved China manufacturing data released on Tuesday added more upward momentum to the crude prices. The HSBC China flash manufacturing purchasing managers' index (PMI) in September stood at 50.5, a rise of 0.3 compared with 50.2 in August.

However, Brent crude, the benchmark for international oil, was pressured by weak data coming out from Europe. The Ifo institute's German business climate index fell to 104.7 in September from 106. 3 in August, more than analysts forecast.

Light, sweet crude for November gained 1.24 U.S. dollars to settle at 92.80 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery edged up 10 cents to close at 96.95 dollars a barrel.