As market apprehension over U.S. interest rate hikes subsided and a report from the industry suggested a decline in U.S. crude stocks, oil prices increased for the third consecutive day on Wednesday.

Jerome Powell, the chair of the U.S. Federal Reserve, made some remarks on Tuesday that were perceived as less hawkish than anticipated, increasing risk appetite and depressing the value of the dollar. Oil costs less for holders of other currencies when the dollar is weaker.

Brent crude edged up 0.7%, to $84.28 a barrel, while WTI crude advanced by 0.8% to $77.78.

Petroleum flows from Iraq and Azerbaijan out of Ceyhan were halted on Monday by the earthquake that slammed Turkey and Syria.

The American Petroleum Institute's weekly inventory report, which showed that oil stocks decreased by around 2.2 million barrels in the week ended February.

The market today will be examining data from the U.S. Energy Information Administration.