Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies.

Brent crude futures, the international benchmark for oil prices, were at $58.27 at 0314 GMT, up 39 cents, or 0.7 percent from their last close - and a third above mid-year levels.U.S. West Texas Intermediate (WTI) crude futures were at $52.13 per barrel, up 25 cents, or 0.5 percent, and almost a quarter above mid-June levels.

In stocks, Asian shares consolidated recent gains and currencies kept to tight ranges on Wednesday as investors waited to see what policies might emerge from China’s Communist Party conference.Investors are keen for any direction on economic and financial market reform over the next five years, though history suggests these events can be light on detail.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, near their highest since late 2007, while Australia rose 0.2 percent.

In the Middle East, Gulf stock markets were mixed on Tuesday despite strong oil prices while Saudi Arabia's insurance sector continued to recover from last week's losses.The main Saudi index inched up 0.2 percent.

Dubai's index edged down 0.4 percent as Emaar Properties fell 0.6 percent.

Abu Dhabi lost 0.8 percent as Dana Gas extended losses and fell a further 2.7 percent.

Egypt's main index closed flat after dropping almost 3 percent on Monday on a weak banking sector. Commercial International Bank dropped a further 1.3 percent.

Gold prices inched up on Wednesday from a one-week low with the dollar holding steady, but speculation that President Donald Trump might pick a policy hawk to lead the U.S. Federal Reserve weighed on the metal. 

In other news, Bank of Japan board member Makoto Sakurai said on Wednesday the central bank needs to stick with its current framework for monetary easing as the effects of stimulus become stronger as economic growth picks up.

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