Wednesday saw an increase in oil prices of more than 1% as Saudi Arabia's unexpected weekend commitment to further decrease production overshadowed disappointing Chinese export data and rising U.S. fuel supplies.

Brent futures added 1.2% at $77.25 per barrel while WTI added 1.6% to $72.93 per barrel.

The surprise increase in fuel stocks sparked questions about the world's largest oil consumer's use, particularly when travel demand increased over the Memorial Day weekend.

Early in the session, prices dropped as a result of poor Chinese economic statistics.

May saw China's exports decline far more quickly than forecast, while imports also decreased, albeit more slowly, as producers battled to find international customers and domestic demand remained weak.

Additionally, the dollar fell as chances of a Federal Reserve rate hike next week diminished, helping to support prices. As oil becomes more affordable for overseas consumers, a weakening dollar boosts demand.