Oil prices rose this evening despite a big rise in US crude stockpiles, as US Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to keeping interest rates low.
Ultra-low US interest rates have made stocks and investments in commodities more attractive over the past year. US crude traded up 83 cents to $79.69 a barrel, while Brent gained 63 cents to $77.88.
Bernanke's comments outweighed weekly US inventory data from the Energy Information Administration, which showed a larger than expected build-up in crude oil inventories last week on higher imports. A build in inventories usually signals weaker demand.
Distillate inventories fell less than forecast by analysts in the week to February 19, while petrol stockpiles fell unexpectedly.
