Investing.com - US crude oil inventory data has now been released, showing an increase of about 2 million barrels, while expectations were for a decrease in the range of 1 million barrels.

US Energy Administration information data revealed an increase in oil inventories by 2.170 million barrels, compared to expectations of a decrease of 1.320 million barrels, while the week before last they recorded a decrease of 2.135 million barrels.

immediately after the data was released, Brent crude jumped 1.7% to $94 per barrel.

While Texas crude rose by 2.5% to $92.6 per barrel.

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Oil prices rose in early trading on Wednesday, as markets focused on tight supplies ahead of winter and the “soft landing” of the US economy.

meanwhile, Federal Reserve Chairman Neel Kashkari said in Minneapolis on Tuesday that a “soft landing” for the world’s largest economy is the most likely possibility.

But he also stressed that there was a 40 percent chance that interest rates would be needed “meaningfully” to overcome inflation.

Higher interest rates increase borrowing costs, which may slow economic growth and reduce demand for oil.