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Oil tops $45 in rebound from two-month low


Oil futures topped $45 a barrel on Wednesday, bouncing back from a two-month low after U.S. government data revealed a weekly increase in crude supplies that was smaller than expected by some forecasters as refinery activity climbed.

Expectations the U.S. Federal Reserve won’t raise interest rates this year also put pressure on the U.S. dollar DXY, -0.30% which helped provide support for dollar-denominated commodities, including oil.

December West Texas Intermediate crude CLZ5, +5.74% climbed $2.35, or 5.4%, to $45.55 a barrel on the New York Mercantile Exchange. December Brent crude LCOZ5, +4.64% rose $2.02, or 4.3%, to $48.83 a barrel on London’s ICE Futures exchange.

The U.S. Energy Information Administration on Wednesday reported an increase of 3.4 million barrels in crude supplies for the week ended Oct. 23. Analysts polled by Platts expected supplies to be up by 1.6 million barrels, while those surveyed by The Wall...