(MENAFN- ProactiveInvestors)
West Texas Intermediate pared losses to settle down just 5 cents at US$59.92 overnight as the dollar weakened following the U.S. Federal Reserve's decision to leave its benchmark interest rate unchanged.
The dollar initially strengthened following the announcement but the greenback soon sold off.
A weaker dollar makes oil more affordable for holders of other currencies.
Brent futures were up 9 cents at US$63.79 a barrel having earlier fallen to US$62.60.
The day's rally faded earlier on Wednesday after data from the U.S. Energy Information Administration showed that U.S. gasoline inventories rose unexpectedly and stocks at Cushing increased for the first time since April while refinery utilization rates fell.
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