Crude-oil futures rose Wednesday, getting a boost from a supply report that showed an increase in inventories was slightly below Wall Street expectations. Upbeat signals from the Federal Reserve about the U.S. economy also lifted oil. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December rose 78 cents, or 1%, to settle at $82.20 a barrel. December Brent crude on London’s ICE Futures exchange rose $1.09, or 1.3%, to finish at $87.12 a barrel. Both Brent and New York-traded crude have been up for two straight sessions.

Earlier Wednesday, the Energy Information Administration said U.S. crude-oil inventories increased by 2.1 million barrels, in the week ending Oct. 24. Analysts polled by Platts had forecast a larger increase of 2.8 million barrels. Supplies of gasoline declined by 1.2 million, and distillates supplies decreased by 5.3 million, the EIA reported. That contrasted with expectations of a decline of 350,000 barrels for gasoline supplies, and a decline by 950,000 barrels for distillates supplies, according to Platts. Crude futures advanced further after the EIA report, although gains moderated by the end of session.

Also Wednesday, the Federal Open Market Committee’s statement spelled out the end of the last stretch of the Federal Reserve’s bond-buying program, known as QE, or Quantitative Easing, as expected. Unexpectedly, however, it provided a more positive view of the U.S. labor market and inflation expectations. A better outlook for the U.S. economy boosts hopes for more oil demand, and consequently higher futures prices. Offering a more downbeat view on oil, Barclays cut its oil-price forecasts. It has lowered its oil-price forecast for the first half of 2015 by around $6 and expects Brent at $88 a barrel and Nymex WTI at $78 a barrel in the first quarter. Barclays’s decision to cut its oil forecast follows a similar move by Goldman Sachs on Monday.

Oil prices have bottomed for now and should recover modestly during the fourth quarter, but there’s further downward pressure on prices in early 2015 before they eventually recover to $100 a barrel, analyst Kevin Norrish said.