Oil prices continued gains on Wednesday following industry figures that manifested an unexpected slump in US crude stocks the earlier week, markets were also closely watching the disruptions in the Middle East.

Brent crude edged up by 0.29%, to $88.68 per barrel, while US WTI edged up by 0.31% to $83.62 per barrel.

U.S. crude inventories slumped by 3.237 million barrels in the week wrapped up on April 19, based on data from the American Petroleum Institute, as reported by market sources, while according to a poll conducted by Reuters, analysts had predicted a tick up of 800,000 barrels.

Traders will be eyeing the US figures on oil and product stockpiles scheduled later during the day for verification of the significant withdrawal.

The flash composite PMI output index, which measures the manufacturing and services sectors, dropped to 50.9 this month from 52.1 in March, according to S&P Global, which reported on Tuesday that U.S. business activity has eased to the lowest level in four months.