US crude inventories rise more than expected, EIA reveals

Oil prices held onto gains on Wednesday even as official data showed an increase in weekly crude inventories.

At 1558 GMT Brent crude edged up 0.94% to $56.11 per barrel and West Texas Intermediate climbed 0.80% to $53.24 per barrel amid signs that Russia and OPEC producers are delivering on promised supply reductions.

However, the Energy Information Agency said US crude inventories rose by 6.5 million barrels last week to 494.8 million barrels, more than the 3.3 million increase expected by analysts.

The stockpiles increased as refineries inputs fell 100,000 barrels per day and imports grew by 480,000 barrels per day.