Oil tries the top and bottom side but finishes unchanged

Oil prices attempted to break out of their recent trading range on Wednesday, with Brent hitting its highest in more than two weeks after the U.S. Federal Reserve announced it would not raise interest rates until 2023.

Brent crude rose 23 cents, or 0.4%, to settle at $65.25 a barrel. U.S. West Texas Intermediate (WTI) crude fell 3 cents to settle at $61.55 a barrel.

The market pared gains after U.S. government data showed a larger-than-expected build in crude inventories. Gasoline and distillate inventories also rose.

Prices fell more than $1 a barrel after the data, but then recovered to settle little changed.

The U.S. Federal Reserve said it would not raise interest rates until 2023, which weakened the U.S. dollar and helped to boost commodities, including oil.

"The Fed's decision to hold interest rates steady ... has helped to weaken the dollar and provide a lift to commodities," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

Oil prices have been range-bound in the past three weeks, with Brent trading between $62 and $65 a barrel and WTI between $59 and $62.

"The market is looking for direction," said Bob Yawger, director of energy futures at Mizuho in New York. "Once it gets a direction, it will take off in that direction. But right now, it's just kind of biding its time."

Analysts said the market is also awaiting a decision by the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, on whether to increase supply in April.

OPEC+ is set to meet on Thursday, with most expecting the group to maintain its current supply.