Oil prices traded higher on a weaker U.S. dollar

Oil prices traded higher on a weaker U.S. dollar. The U.S. dollar declined against the other currencies on the results of the Fed's monetary policy meeting. The Fed kept its monetary policy unchanged. Investors were disappointed that there were no signals on the timing when the central bank starts raising its interest rate.

The Greek debt problem remained in focus. International Monetary Fund (IMF) Managing Director Christine Lagarde said that Greece will not get extra time to repay its IMF loans.

Investors still weigh yesterday's U.S. crude oil inventories data. According to the U.S. Energy Information Administration (EIA), U.S. crude inventories declined by 2.68 million barrels to 467.9 million in the week to June 12. It was the seventh consecutive weekly decline.

Analysts had expected a decline of 1.8 million barrels.

U.S. oil production fell 21,000 barrels a day to 9.59 million barrels a day.

Crude stocks at the Cushing, Oklahoma, increased by 112,000 barrels. It was the first rise since mid-April.

U.S. crude oil imports rose by 114,000 barrels per day to 7.1 million barrels per day.

Refineries in the U.S. were running at 93.1% of capacity, down from 94.6% the previous week.

WTI crude oil for July delivery increased to $60.33 a barrel on the New York Mercantile Exchange.

Brent crude oil for July rose to $64.25 a barrel on ICE Futures Europe.