Oil prices rose above $82 a barrel on Wednesday in Asia after a report showed U.S. crude inventories grew less than expected last week.

Oil prices extended losses below $80 a barrel on Tuesday in Asia as investors eyed meetings of the U.S. central bank and OPEC (Organization of Petroleum Exporting Countries) for trading catalysts.

Benchmark crude for February delivery was down 7 cents to $74.33 at midday Singapore time in electronic trading on the New York Mercantile Exchange.

Oil prices hung below $74 a barrel on Tuesday in Asia as traders anticipated OPEC will leave crude production levels unchanged at the group's meeting later in the day.

Benchmark crude for January delivery was up 16 cents to $72.81 at midday Singapore time in electronic trading on the New York Mercantile Exchange.