Oil keeps gains, shrugs off unexpected US inventory build

Oil prices rose on Wednesday, and kept gains despite the release of unexpected build in the US crude inventories data.

The US Energy Information Administration reported today that crude inventories rose 1.3 million barrels to 463 million barrels during the past week, worse than forecasts of a drop by 4.8 million barrels.

While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 1 million barrels during the same period.

The dollar index held against a basket of major currencies at 90.1 points as of 17:47 GMT, after hitting a high of 90.4 points and a low of 89.9 points.

As of 17:42 GMT, WTI crude March futures rose 2.2% to $63.01 a barrel, after hitting a day high of $63.3 and a low of $60.9.

Brent April futures rose 2.3% to $66.8 a barrel, after hitting a high of $67.3 and a low of $64.8.