Petroleum prices edged higher on Wednesday as outages continue in some parts of the United States and the dollar weakened, but a surprise build in U.S. inventories last week capped gains.
Brent crude futures gained 66 cents, or 1.24%, to $66.18 U.S. a barrel, after hitting a session low of $64.80.
U.S. West Texas Intermediate crude futures were up 64 cents, or 1%%, at $62.32 a barrel, after trading as low as $60.97 earlier on Wednesday.
Crude stockpiles rose by one million barrels in the week to Feb. 19, the American Petroleum Institute reported on Tuesday, against estimates for a draw of 5.2 million barrels.
The data, however, showed a larger-than-expected 4.5 million barrel fall in distillate fuels.
The dollar index against a basket of six major currencies was trading near a six-week low on Wednesday.
As crude is priced in dollars, a weaker greenback makes buying the commodity cheaper for holders of other currencies.
The dollar index against a basket of six major currencies was trading near a six-week low on Wednesday.
As crude is priced in U.S. dollars, a weaker greenback makes buying the commodity cheaper for holders of other currencies.
Prices have jumped due to the U.S. supply disruption and supply discipline by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, led by an extra one-million-bpd cut by Saudi Arabia.
