Oil extends gains, Brent rises near $85

Oil prices rose on Wednesday, as the US dollar fell against most currencies, after the release of the US inventories data.

The Energy Information Administration reported today that the US crude inventories fell 4.6 million barrels to 413.3 million barrels during the past week, while analysts forecast a drop by 1.6 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 1.1 million barrels during the same period.

The dollar index fell against a basket of major currencies by 0.7% to 94.9 points as of 19:28 GMT, after hitting a high of 95.6 points and a low of 94.9 points.

WTI February futures rose 2% to $82.8 a barrel, as of 19:25 GMT.

Brent March futures rose 1.4% to $84.9 a barrel.