Crude oil prices advanced during the Asian trading session on Wednesday, following a speech from the Federal Reserve (Fed) Chairman Ben Bernanke.
West Texas Intermediate rose 0.32% higher, trading at $94.16 per barrel as of the time of writing, while the European benchmark crude Brent gained 0.14% at $107.07 per barrel at the same time.
On Wednesday, the Federal Reserve (Fed) Chairman Ben Bernanke commented on strengthening the unemployment rate as it continues to rise and inflation picking up at approximately 2% before the US central bank would proceed with tapering its bond-buying program.
“In particular, the target for the federal funds rate is likely to remain near zero for a considerable time after the asset purchases end, perhaps well after the unemployment threshold is crossed and at least until the preponderance of the data supports the beginning of the of policy accommodation,” he said.
Five members of the United National Security Council and Germany will resume talks with Iran over its nuclear program in Geneva on Wednesday.
Iran has said that its nuclear program is for only civilian purposes for medical and energy use; however western powers are accusing the Persian Gulf nation of covertly seeking atomic-weapons capability.
The US crude oil inventories rose by 512,000 barrels in the last week, according to reports from the American Petroleum Institute (API).
Meanwhile, the Energy Information Administration (EIA) is expected release their report of US crude oil inventories later in the day, as analysts forecast an increase of 233,000 barrels in the last week.
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