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Brent futures rose 85 cents to $64.87 a
barrel by 1037 GMT, after touching $65.02 earlier in the
session. U.S. crude prices rose 58 cents to $58.57 a barrel,
easing back from an intraday high $58.90.
On Tuesday oil fell over 3 percent on a dollar rally and
concerns of a building glut, which Goldman Sachs said would lead
to a return towards 2015 lows.
"The market came under a lot of pressure yesterday and it's not
unusual to see a bit of a correction the day after," said Hans
van Cleef, senior energy economist with Netherlands-based ABN
Amro.
U.S. crude inventories fell by 5.2 million barrels last week,
said industry group the American Petroleum Institute (API) said
late on Tuesday. A Reuters survey of analysts had forecast a
fall of 1 million barrels.
Official inventory numbers from the U.S. Energy Information
Administration (EIA) are due at 1430 GMT today.
"The key for me is not so much that there are declines in
inventories, it's that those declines are accelerating," said
Michael Hewson, chief markets analyst at CMC Markets, .
Prices also drew support from strong economic data from Asia.
Japan's economy, the world's third largest, expanded at an
annualised rate of 2.4 percent in the first three months of this
year.
"Japan is one of the major importers of crude oil and growth in
this region would definitely be favourable for crude demand,"
Singapore-based brokerage Phillip Futures said.
(Additional reporting by Henning Gloystein in Singapore; Editing
by Keith Weir and William Hardy)
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