Oil prices rebound after U.S. inventory data

Oil prices rallied Wednesday after official data showed that U.S. crude stockpiles fell for a fourth straight week.

U.S. commercial crude inventories fell by 930,000 barrels to a total of 527.8 million barrels last week, marking a four-week losing streak, said the Energy Information Administration (EIA) in its weekly report Wednesday.

On the economic front, the U.S. Federal Reserve on Wednesday left its benchmark interest rates unchanged after the conclusion of its two-day policy meeting, as the central bank waited on more data to assess the U.S. economic outlook.

"The Committee views the slowing in growth during the first quarter as likely to be transitory and continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace," the Fed's policy-making committee said in a statement.

The West Texas Intermediate for June delivery rose 0.16 U.S. dollar to settle at 47.82 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 0.33 dollar to close at 50.79 dollars a barrel on the London ICE Futures Exchange. Enditem