Oil prices gained on Wednesday in Asia even after the American Petroleum Institute (API) said U.S. oil inventories increased last week.

U.S. Crude Oil WTI Futures gained 1.0% to $50.12 by 11:50 PM ET (03:50 GMT). International Brent Oil Futures also rose 1.2% to $54.59.

Oil prices began their rallies yesterday after reports said the OPEC+ representatives meeting in Vienna discussed additional cuts of up to 1.0 million barrels per day to cope with lost demand from China's coronavirus crisis.

Despite the gains this week, oil are still down more than 20% since early January as the coronavirus dented global demand.

Source : Investing.com