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Oil prices climb despite a rise in U.S. crude oil inventories
Oil prices increased despite a rise in U.S. crude oil inventories. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 3.96 million barrels to 457.9 million in the week to September 25.
Analysts had expected U.S. crude oil inventories to remain unchanged.
Gasoline inventories increased by 3.3 million barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, declined by 1.068 million barrels.
U.S. crude oil imports climbed by 329,000 barrels per day.
Refineries in the U.S. were running at 89.8% of capacity, up from 90.9% the previous week.
Earlier, oil prices rose after Russia started air strikes against Islamic State targets in Syria.
WTI crude oil for November delivery rose to $45.85 a barrel on the New York Mercantile Exchange.
Brent crude oil for November climbed to $48.24 a barrel on ICE Futures Europe.
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