NEW YORK, Jan. 11 (Xinhua) -- Oil prices rose on Wednesday as traders shrugged off the significant increase in U.S. crude stockpiles.
The West Texas Intermediate for February delivery gained 2.29 U.S. dollars, or 3.05 percent, to settle at 77.41 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 2.57 dollars, or 3.21 percent, to settle at 82.67 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) reported Wednesday that the country's commercial crude oil inventories jumped by 19 million barrels during the week ending Jan. 6. On average, analysts surveyed by S&P Global Commodity Insights had expected the report to show a decline of 0.5 million barrels in U.S. crude supplies.
While the number was bearish for the oil markets, traders seemed to focus more on the U.S. strategic reserve, which fell to 1983 lows, according to the EIA.
"The U.S. will ultimately have to buy oil to refill reserves, which will provide support to oil markets," Vladimir Zernov, market analyst with market information supplier FX Empire, said on Wednesday.
Elsewhere, oil prices continued to garner support from expectations of higher demand in China amid the country's efforts to optimize the epidemic response and reopen its economy. ■
