By David Gaffen
(Reuters) - U.S. crude oil inventories rose more than expected last week on increased imports and a build at the storage hub in Cushing, Oklahoma, the U.S. Energy Information Administration showed on Wednesday.
Crude inventories
The price of oil was higher on the day. U.S. crude futures (CLc1) initially dipped on the inventory rise, but subsequent headlines from Russia's energy minister suggesting major oil-producing nations hope to reach balance in the market in a shorter time frame reversed those losses.
U.S. crude was up 29 cents, or 0.6 percent, at $46.11 a barrel, while Brent crude rose 26 cents, or 0.5 percent, to $47.21 a barrel, as of 10:51 a.m. EST (1551 GMT).
"This (build) is larger than expected but not enough to offset the anticipation of OPEC and some of the macro things that are going on around the world," said Scott Shelton, energy specialist at ICAP (LON:IAP) in Durham, North Carolina.
"I would not be surprised if the market ignores this and we end up higher on the day."
The Organization of the Petroleum Exporting Countries will meet at the end of the month, where it is expected to cap oil production to offset an ongoing supply glut.
U.S. crude imports
Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures
The build came even as refinery crude runs
Gasoline stocks
Distillate stockpiles