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Oil Rebounds As U.S. Crude Inventories Ease Off Record High

Oil prices on Wednesday climbed for the first time in more than a week on a surprise drawdown in U.S. crude inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts could create a crude deficit in the first half of 2017.

Traders noted oil prices extended earlier gains as the dollar fell to its lowest level in two weeks against a basket of currencies after the Federal Reserve increased interest rates as expected but did not signal a faster pace of monetary tightening this year. A decline in the dollar makes greenback-denominated oil less expensive for holders of other currencies.

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