Oil extends gains, Brent nears $82

Oil prices rose on Wednesday, as the US dollar held against most currencies, amid focus on the pandemic developments.

The Energy Information Administration reported today that the US crude inventories fell 2.1 million barrels to 417.9 million barrels during the past week, while analysts forecast a drop by 4.4 million barrels.

OPEC-Plus announced earlier this week keeping its production policy unchanged with a hike of 400,000 barrels per day during February.

The dollar index rose against a basket of major currencies by 0.1% to 96.2 points as of 18:41 GMT, after hitting a high of 96.3 points and a low of 96.04 points.

WTI February futures rose 1.7% to $79.1 a barrel, as of 18:33 GMT.

Brent March futures rose 1.2% to $81.8 a barrel.