Oil prices moved higher on Wednesday after the Federal Reserve said it would leave interest rates unchanged, having earlier recouped losses after falling as U.S. crude inventories built to record highs.
Brent crude futures hit a new 2016 high following the release of the Fed's statement. They were up $1.45 at $47.19 a barrel. The international benchmark has risen nearly 20 percent in April, its largest one-month gain in a year.
U.S. West Texas Intermediate crude futures settled 2.93 percent higher, or $1.29, at $45.33, also hitting a new 2016 high.
U.S. crude inventories climbed 2 million barrels last week to an all-time peak of 540.6 million barrels, the government-run Energy Information Administration (EIA) said.