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Crude oil prices got support on Wednesday from the U.S. Energy Information Administration's (EIA's) Weekly Status Report data, a drop in greenback value, and news of a strike in Norway. Upward momentum was hindered, however, by increased production reported out of Libya.

According to the U.S. Energy Information Administration (EIA) Weekly Petroleum Status Report, American crude stockpiles were down by 6.2 million barrels for the week ended Sept. 16. These findings, in contrast to the sharp increases predicted by both Reuters and Platts, were in relative agreement with the API's Tuesday report, which called the weekly inventory drop at 7.5 million barrels. American stockpiles have been on the decline since tropical storm Hermine halted imports for a spell near the end of August.

The Federal Reserve, in culmination of a two-day meeting, announced Wednesday that there would be no immediate change in interest rates. The greenback has been fluctuating in anticipation of the announcement on debate as to whether an interest rate increase was imminent, but finally as the official Fed decision became known, the greenback dropped, giving the price of U.S. currency-traded crude oil a boost.

Degenerating wage talks in Norway sent 300 oil industry workers toward picket lines Wednesday. The threat of potential disruptions from Europe's biggest oil producer lent further support for oil.

Apparently the only obstacle to oil's upward momentum on Wednesday, other than perhaps the continued mix of anticipation and cynicism regarding the upcoming oil industry talks in Algeria next week, came from Libya. Despite being plagued with the violence, disturbance, and uncertainty of an ongoing civil war, Libya managed to increase oil production by 90,000 barrels a day during the month of September versus the month of August, according to Bloomberg. Also, it looks as though an oil tanker just left Ras Lanuf, a key export terminal said earlier to have been taken by rebel forces last weekend. If Libya is able to continue ramping up production, a new source of global oversupply may be added to the equation.

By the end of the Wednesday session, November Brent crude futures (LCOc1) had gained 95 cents, or 2.1%, settling at $46.83 a barrel on London’s ICE Futures Exchange, while October U.S. West Texas Intermediate (CLc1) gained $1.29, or 2.9%, to reach $45.34 a barrel on the New York Mercantile Exchange.

The day's main influences, the bears and bulls:

The Bears:

- A 70% increase in Libyan oil production from August to September

The Bulls:

- The EIA Weekly Report showing yet another drawdown in American crude stockpiles

- The Federal Reserve decision to maintain the current interest rate

- Degenerating wage talks in Norway resulting in an oil service workers strike.