LONDON: Crude oil prices rose on Wednesday after news US crude stocks increased less than expected last week and inventories at the oil hub at Cushing, Oklahoma, declined for the first time since November, suggesting an oil glut may be beginning to ease.

Brent crude oil was up 90 cents at $65.54 a barrel by 1450 GMT. US crude was up $1.20 at $58.26.

US crude inventories rose 1.9 million barrels last week, compared with analysts’ expectations for an increase of 2.3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell 514,000 barrels, the government’s Energy Information Administration said. The decline at Cushing was the first since Nov. 28, according to EIA data.

Inventories have been expanding for the past 15 weeks and are currently at the highest level on record, contributing to a global glut that has been the main factor for a price collapse of almost 60 percent between June and February.

Ric Spooner, chief market analyst with CMC Markets in Sydney, said investors will be closely watching the state of US crude production, which is also included in the DoE’s weekly report. US output has dipped slightly in three of the past four weeks, but still hovers around nine million barrels a day.