Oil prices rebounded above $55 after dipping earlier in the day
Oil prices rebounded above $55 after dipping earlier in the day - despite news that US stocks of crude and petrol had increased.
US light, sweet crude was 31 cents higher, at $55.35 while Brent oil gained 40 cents to $55.50 in London.
On Tuesday, oil prices jumped by almost 5% because of colder weather and US plans to keep more oil for emergencies.
Until recently a relatively mild US winter had reduced energy demand, and helped push up energy inventories.