The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories rose by 1.32 million barrels to 523.2 million in the week to March 11.

Analysts had expected U.S. crude oil inventories to rise by 3.5 million barrels.

Gasoline inventories decreased by 747,000 barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 545,000 barrels.

U.S. crude oil imports decreased by 355,000 barrels per day.

Refineries in the U.S. were running at 89.0% of capacity, down from 89.1% the previous week.

Qatar's Energy Minister Mohammed al-Sada said on Wednesday that OPEC and non-OPEC members will meet on April 17 in Doha to discuss the stabilisation of the oil market.

Russian Energy Minister Alexander Novak said on Monday that a deal on freezing oil output between OPEC and non-OPEC members could be signed in April. He added that this agreement could exclude Iran as it plans to boost its production.

China's Premier Li Keqiang said on Wednesday that the country will achieve all economic growth targets, adding that there will be no "hard landing". He noted that the government should be able to stimulate the country's economy via structural reforms.

The government expect the economy to expand 6.5% - 7.0% this year and at least 6.5% until 2020.

Li pointed out the government had tools to stimulate the economy if there will be risks that targets could not be reached.

He also said that the government planned to launch a link connecting the Hong Kong and Shenzhen stock exchanges this year.

Reuters reported on Monday that Saud Arabian government launched new austerity measures. The government ordered to lower contract spending by at least 5% as the government faced a budget deficit due to low oil prices. The ministry of economy said that new measures aimed to "rationalize spending and increase its efficiency".

(raw materials / closing price /% change)

Oil 36.79 +1.24%

Gold 1,232.70 +0.14%