Brent jumps back above $56

Oil prices rose on Wednesday, as markets focus on Joe Biden inauguration as President of the United States.

News agencies reported that Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Friday due to a holiday last Monday.

The dollar index held against a basket of major currencies at 90.4 points as of 17:09 GMT, after hitting a high of 90.7 points and a low of 90.2 points.

As of 16:47 GMT, WTI crude February futures rose 0.7% to $53.3 a barrel, after hitting a day high of $53.7 and a low of $53.06.

Brent March futures rose 0.7% to $56.3 a barrel, after hitting a high of $56.6 and a low of $55.9.