Oil prices rose on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, but swelling U.S. crude inventories led the market to pare gains.
U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said.
The increase came despite falling net imports, which dropped to the lowest on record, as domestic crude production remained at peak levels for the fifth straight week.
U.S. West Texas Intermediate crude oil futures ended Wednesday's session 80 cents higher at $53.90 a barrel, a 1.5 percent gain.
Brent crude futures rose $1.19, or 1.9 percent to $63.61. The global benchmark earlier touched a session high of $63.98, but pulled back after the data was released.