Crude oil prices closed sharply higher in futures market on Wednesday, as U.S. government data revealed a sizable weekly decline in domestic crude production, although an unexpected rise in supplies kept gains in check.

Light sweet crude oil (WTI) futures rose 0.50 dollar or 1.13 percent to close at USD 44.74 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures went up 0.66 dollar or 1.41 percent to close at USD 47.31 a barrel at NYMEX. WTI-Brent spread was stable on Jun-2017.

Natural gas futures remained flat at 3.094 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.474 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.439 a gallon at the NYMEX.