Oil prices rebounded from earlier losses on Wednesday to end the session high after covering strong demand for gasoline and distillates in the United States and OPEC's continued commitment to significant supply cuts on its first increase in inventories US crude in about three months.

US benchmark crude futures rose to a close of 23 cents, or 0.4 percent, to settle at $ 64.73 a barrel, while global benchmark crude futures rose 3 cents to $ 69.05 a barrel.

Oil futures gained for a fifth consecutive month as US crude futures rose 7.7 percent in January, their best monthly performance since September.

Source: National Iraqi News Agency