Oil prices rebound from earlier losses on Wednesday after government data showed U.S. crude stocks rose less than expected and the Saudi energy minister signaled that oil producers will not prematurely end a deal to limit output.
U.S. West Texas Intermediate crude futures ended Wednesday's session up $1.41, or 2.4 percent, at $60.60 a barrel. Brent crude futures were up $1.68, or 2.7 percent, at $64.40 per barrel by 2:29 p.m. ET.
U.S. crude inventories rose 1.8 million barrels last week, Energy Information Administration (EIA) data showed compared with expectations for an increase of 2.8 million barrels. Crude stocks fell again at the Cushing, Oklahoma storage hub, and have been cut in half since early November.
Refining rates fell as U.S. refiners reduce activity for seasonal maintenance. Gasoline inventories, however, rose 3.6 million barrels, more than expected.