NEW YORK, Jan. 30 (Xinhua) -- Oil prices continued to rise on Wednesday, as U.S. crude inventories rose less than analysts' estimates and the U.S. Federal Reserve's latest policy meeting statement weighed down the U.S. dollar.
U.S. commercial crude oil inventories increased by 0.9 million barrels from the previous week, according to the latest weekly report by the U.S. Energy Information Administration on Wednesday.
The figure fell short of analysts' expectations of an increase of 3.2 million barrels, according to a poll by Reuters.
Furthermore, U.S. crude oil imports averaged 7.1 million barrels per day (bpd) last week, down by 1,108,000 bpd from the previous week.
Oil futures rose along with oil stocks on Wednesday, after the U.S. Federal Reserves pledged patience in future policy making on interest rates adjustments.
Among the 11 primary S&P 500 sectors, the energy sectors rallied more than 1.5 percent, leading the winners.
"In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes," the Federal Open Market Committee said in a statement on Wednesday.
The remarks also dragged the U.S. dollar down by 0.5 percent around the closing bell of the foreign exchange market. The declining dollar also makes the dollar-denominated oil futures cheaper.
The West Texas Intermediate for March delivery rose 0.92 U.S. dollar to settle at 54.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery rose 0.33 dollar to close at 61.65 dollars a barrel on the London ICE Futures Exchange.
