Oil prices firm on OPEC's go-it-slow approach to adding supply | Reuters

Oil prices firm on OPEC's go-it-slow approach to adding supply | Reuters

Oil prices rebounded from losses on Wednesday after U.S. crude inventories rose by more than anticipated, and as OPEC plans to maintain its deliberate approach to adding supply to the market despite strong worldwide demand.

U.S. crude stockpiles rose by 4.6 million barrels last week, exceeding expectations, boosted by a rebound in output as offshore facilities shut in by two U.S. Gulf hurricanes resumed activity.

Brent crude rose 7 cents to $79.11 a barrel by 10:51 a.m. ET (1451 GMT). On Tuesday, it fell nearly $2 after touching its highest in almost three years at $80.75.

U.S. oil prices rose 23 cents, or 0.3%, to $75.52.

Oil prices have been charging higher as economies recover from pandemic lockdowns and fuel demand picks up, while some producing countries have seen supply disruptions.