NEW YORK, July 3 (Xinhua) -- Oil prices rose on Wednesday, recovering from a steep fall in the previous session as latest data eased investors' worries over an oversupply.

For the week ending June 28, U.S. commercial crude oil inventories decreased by 1.1 million barrels from the previous week, said U.S. Energy Information Administration on Wednesday.

At 468.5 million barrels, U.S. crude oil inventories are about 5 percent above the five year average for this time of year, the administration said.

U.S. rigs classified as drilling for oil are down 5 rigs at 788, said U.S. energy service firm Baker Hughes in its weekly report on Wednesday.

The West Texas Intermediate for August delivery increased 1.09 U.S. dollars to settle at 57.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 1.42 dollars to close at 63.82 dollars a barrel on the London ICE Futures Exchange. Enditem

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