Oil's sharp rebound off Tuesday's settlement price, the lowest in a month, came despite government data showing a bigger-than-expected weekly build in U.S. crude and fuel inventories. The U.S. dollar collapsed during Trump's remarks, which disappointed investors who had sent the currency to its highest level in a week ahead of the news conference. "The main reason for the oil price rise was that the dollar was down," said Phil Davis, managing partner at PSW Investments in Woodland Park, New Jersey. That 4.1 million barrel build topped both the 1.2 million barrel build that analysts forecast in a Reuters poll and the 1.5 million barrel build in data Tuesday from the American Petroleum Institute, an industry group. Saudi Arabia, the world's top oil exporter, told some Asian customers that it will reduce their crude supplies slightly in February.

Source: The Edge Markets January 11, 2017 22:29 UTC