US crude ends up $1 after Beige Book

The U.S. Energy Information Administration said U.S. crude stocks jumped by 10.3 million barrels last week, more than double the amount predicted by analysts and the eighth weekly rise in succession. U.S. crude inventories are at a record high.

Stocks at Cushing, Oklahoma, rose by 536,000 barrels, less than anticipated but still another increase at the U.S. crude contracts delivery point. Gasoline stocks were largely unchanged while distillates fell by 1.4 million barrels.

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Oil faced additional pressure from a stronger dollar as the U.S. currency rose to its highest since September 2003 against a basket of currencies, making commodities priced in dollars more expensive.

Earlier in the session, the market had received some support from Saudi Arabian Oil Minister Ali al-Naimi, who said he expected supply and demand would soon reach balance, and oil prices, which hit a near six-year low of $ 45 in January, would stabilize, adding to signs that OPEC’s largest exporter sees consumption growing.

Read MoreSaudi Arabia expects oil price to stabilize

“I hope and expect supply and demand to balance and for prices to stabilize,” Naimi said in a speech in Berlin. “Global economic growth seems more robust.”

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