U.S. oil prices closed Wednesday at new 2016 highs on a smaller-than-expected U.S. crude build and speculation that major oil producers were meeting in Russia in May for another attempt at curtailing output.
Moscow, however, denied media reports of such an impending meeting. Just on Sunday, Russia and member nations of the Organization of the Petroleum Exporting Countries failed to reach an agreement on freezing production at a meeting in Doha, Qatar.
Brent futures were up $1.74, or 3.9%, at $45.77 U.S. a barrel, having earlier touched $45.82 U.S., the highest level since Nov. 26.
U.S. crude settled 3.8% higher, or $1.55, at $42.63 U.S. a barrel.
Oil prices rebounded after the U.S. Energy Information Administration said crude stocks rose 2.1 million barrels last week, compared with forecasts for a 2.4-million-barrel build and industry group American Petroleum Institute's data showing a 3.1-million-barrel rise.
U.S. gasoline stockpiles ticked down slightly, while distillate fuel stocks fell by 3.6 million barrels, EIA said. Data showed that production in U.S. oil fields continued its gradual decline.
Crude prices had initially tumbled as the Kuwaiti oil and gas industry called off a three-day strike and reports later said six supertankers had lined up at Kuwait's crude export terminal to load oil. Kuwait has also raised its oil output to 1.6 million barrels per day (bpd) from 1.1 million on Sunday.
The kingdom produced 2.8 million bpd at the end of March.
