Oil Prices Rise on Wednesday

Oil futures rose on Wednesday, shrugging off an industry report that showed an unexpected build in US crude stocks, and adding to gains of nearly 6%.

    Oil prices had surged on Tuesday as members of the Organization of the Petroleum Exporting Countries (OPEC) were set to renew efforts on concrete steps to implement a deal on cutting output in the face of a persistent global glut.

    US benchmark crude CLc1 was up 23 cents at $46.04 a barrel at 0704 GMT. On Tuesday, the contract surged 5.8% to $45.81 per barrel in its biggest intraday percentage rise since early April.

    Brent LCOc1 futures, the global benchmark, rose 28 cents to $47.23. They settled up 5.7% at $46.95 a barrel in their largest percentage gain since September 28.