U.S. import prices increased 1.1% in December, just below the 1.2% expected. The Labor Department revised November's import increase to 1.5% and reported that import prices gained 4.8% overall in 2010, instigated by higher fuel prices since October.

The report said U.S. exports increased 0.7% in December and 6.5% in 2010. Agricultural exports, which peaked in November, led to a 6.5% increase in overall exports compared to 2009, the largest increase since 1983, when the index debuted.

Elsewhere Wednesday morning, the Department of Energy released the crude oil inventories for the week ending Jan. 7, reporting that they are at the upper limit of the average range for this time of the year. Commercial petroleum inventories increased by 900,000 barrels last week, meeting rising demand.

Crude oil futures gained $1.11 to $92.22 a barrel Wednesday morning.

The DOE reported that total petroleum products supplied over the last four weeks increased 4.1% compared to last year. Demand for gasoline increased 1.9% and distillate fuel increased 3.6%. Crude oil imports were up by 449,000 at 8.9 million barrels.

The report showed U.S. refineries slowed down production last week, possibly affected by the four-day shutdown of the Trans-Alaska Pipeline after a leak was discovered. Refineries operated at 86.4% of their capacities last week, according to the report, with 260,000 less barrels at refineries than the previous week, at 14.7 million barrels.