Brent futures rose 92 cents, or 1.1%, to settle at US$82.96 a barrel, while US crude rose 98 cents, or 1.3%, to settle at US$79.13.
NEW YORK: Oil prices edged up about 1% on Wednesday on a smaller-than-expected build in US crude inventories, a big withdrawal from distillate and gasoline stocks and remarks by the US Federal Reserve chief that he still expects interest rate cuts this year.
Lower interest rates could increase oil demand by boosting economic growth.
