Oil prices rose despite a stronger U.S. dollar. But gains were limited by concerns over the global oil oversupply. Iran plans to boost its oil exports once the sanctions are lifted off.
Market participants continued to eye yesterday's U.S. crude oil inventories data. According to the U.S. Energy Information Administration (EIA), U.S. crude inventories increased by 234,000 barrels to 482.6 million in the week to January 08. Analysts had expected U.S. crude oil inventories to rise by 2.6 million barrels.
Gasoline inventories increased by 8.4 million barrels, according to the EIA. Crude stocks at the Cushing, Oklahoma, climbed by 97,000 barrels.
WTI crude oil for February delivery rose to $31.01 a barrel on the New York Mercantile Exchange.
Brent crude oil for February increased to $30.82 a barrel on ICE Futures Europe.