Oil prices dropped on Wednesday after the International Energy Agency (IEA) reported crude build of 1.854 million barrels, compared with analysts’ forecast of a drawdown by 2.85 million barrels, but an increase in refining runs a helped prices reverse the course. Front-month U.S. West Texas Intermediate crude futures rose 0.56 percent at $55.31 a barrel. Front-month Brent crude futures closed up 0.52 percent to $61.84 a barrel. The spread between the two benchmarks stood at $6.53 a barrel.

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