Prices had pared gains in the immediate wake of U.S. government data released early Wednesday showing that crude supplies rose for a third week in a row.
Just ahead of the settlement, prices got a boost after the U.S. Federal Reserve left interest rates unchanged and took a wait-and-see stance toward future interest rate increases. Higher interest rates tend to support the U.S. dollar, which can weigh on dollar-denominated prices for oil.
June West Texas Intermediate crude CLM6, -0.38% rose $1.29, or 2.9%, to settle at $45.33 a barrel on the New York Mercantile Exchange, the highest finish since Nov. 4.
June Brent crude LCOM6, -0.40% on London’s ICE futures exchange climbed by $1.44, or 3.2%, to $47.18 a barrel, the highest close for the global benchmark since Nov. 10.
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