Oil prices climbed Wednesday after data suggested the U.S. may not run out of space to store its glut of crude as quickly as previously feared.

Against a bleak backdrop for the oil market, American Petroleum Institute data released late Tuesday showed U.S. crude inventories for the week ended April 24 rose by 10 million barrels—falling short of consensus forecasts of an 11.7-million-barrel increase, according to Helge André Martinsen, senior oil market analyst at DNB Markets.

Read More