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Oil prices rose over 1 percent on Wednesday after industry data showed a small inventory draw. Prices were also supported by hopes of demand recovery and expectations that OPEC and its allies will extend their output cuts. Benchmark Brent crude for August delivery rose by 40 cents, or 1 percent, to $39.97, after reaching earlier as high as $40.53, the highest since March 6.
U.S. West Texas Intermediate (WTI) crude futures for July delivery were up by 60 cents, or 1.65 percent, at $37.42.
The American Petroleum Institute said on Tuesday that U.S. crude inventories fell by 483,000 barrels for the week ending May 29.
Analysts had predicted an inventory build of 3.038 million barrels. The U.S. government's official supply report is due out later in the session.
The 23-nation OPEC+ group is set to meet online on June 4. It is widely expected that the cartel will extend output cuts through July or August.
Earlier, they had agreed in April to cut their total oil output by 9.7 million barrels per day from May 1 through June 30.
