Oil prices pick up on prospect of US replenishing strategic reserve

General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020. REUTERS/Mike Segar/File Photo

The U.S. aims to replenish its Strategic Petroleum Reserve after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less. In the Middle East, expectations grew that a ceasefire agreement between Israel and Hamas could be in sight following a renewed push led by Egypt.

The U.S. Energy Information Administration said crude inventories rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw.Meanwhile, the U.S. Federal Reserve held interest rates steady on Wednesday and signalled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings.

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