Crude oil prices rose Wednesday as buyers continued to find value among beaten-down energy products.
Traders largely ignored a massive build in US crude oil inventories. Stockpiles rose 8.4m barrels in the week to January 22, according to the latest data from the Energy Information Administration.
Reports surfaced earlier in the week that OPEC will curb production in an effort to put a floor under oil prices.
Oil has recovered a bit, but remains near 12-year lows from earlier in January.
Front-month WTI oil settled at $32.30/bbl on Nymex, up 85 cents, or 2.7%.
In economic news, the Federal Reserve made no change to monetary policy, leaving rates unchanged amid a slowing US economy.
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