Crude oil prices settled sharply higher in futures market on Wednesday after U.S. government data showed a sizable decline in U.S. crude stockpiles for a third week in a row.

Light sweet crude oil (WTI) futures went up 0.72 dollar or 1.55 percent to close at USD 47.12 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures rose 0.86 dollar or 1.76 percent to close at USD 49.70 a barrel at NYMEX. WTI-Brent spread was stable on Jul-2017.

Natural gas futures remained flat at 3.066 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.617 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.551 a gallon at the NYMEX.