Oil prices rose despite an increase in U.S. crude inventories. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 8.38 million barrels to 494.9 million in the week to January 22.

Analysts had expected U.S. crude oil inventories to rise by 3.3 million barrels.

Gasoline inventories increased by 3.5 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, declined by 771,000 barrels.

U.S. crude oil imports decreased by 69,000 barrels per day.

Refineries in the U.S. were running at 87.4% of capacity, down from 90.6% the previous week.

Reuters reported on Wednesday that according to senior Russian officials, Russia's government did not discuss cooperation with the Organization of the Petroleum Exporting Countries (OPEC).

WTI crude oil for March delivery rose to $31.87 a barrel on the New York Mercantile Exchange.

Brent crude oil for March increased to $32.40 a barrel on ICE Futures Europe.