Oil rises as investors sceptical about effectiveness of reserve release

Oil prices edged higher on Wednesday, extending gains from the previous day, as investors remained sceptical about the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to the next step by oil producers.

Brent crude futures rose 13 cents, or 0.2%, to $82.44 a barrel by 0742 GMT, having risen 3.3% on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures increased 20 cents, or 0.3%, to $78.70 a barrel, following a 2.3% gain in the previous day.

“Investors were disappointed by the small size of the joint oil release by the United States and other countries,” said