The U.S. Department of Energy stated inventories of the energy commodity gained 304,000 barrels to amount to 339.2 million barrels, significantly lower than the projected increase of 2.5 million barrels. Like many commodities, crude oil prices gained as officials in Greece worked on securing an international bailout aid package, which is needed by the Aegean nation to avoid defaulting on financial obligations next month.
"There's optimism that Greek lawmakers are close to a deal on restructuring the country's debt," market research director Addison Armstrong with Tradition Energy in Connecticut told the news source. "It appears that progress is being made."
At 10:35 a.m. on Wednesday, crude oil futures increased 0.27 percent, a 31 cent lift to $116.54 per barrel.
Dow Jones Newswires reports the energy commodity tracked higher in value alongside European equities, which also were climbing due to a brighter outlook for progress with the debt issue in Greece.
The Aegean nation is attempting to secure its second tranche of bailout aid since June 2010.
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