U.S. oil prices closed sharply higher on Wednesday, having extended gains after the Federal Reserve left rates unchanged.
WTI, also known as U.S. crude, settled at $38.46 a barrel, up 5.8 percent, or $2.12. The U.S. benchmark was up 3.9 percent higher 10 minutes before the statement's release.
Brent futures also extended gains, trading at $40.26 a barrel, up 3.92 percent. Before the announcement, the international trademark was 2.89 percent higher, at $39.86.
Earlier, oil prices gained as U.S. stockpiles grew by less than half the levels expected while major oil producers readied to meet in Qatar next month on output freeze plan.
The market is also the lookout for a Federal Reserve policy statement due later in the day to glean direction on U.S. interest rates.