United States crude prices surged to a five month high in European trading on Wednesday, amid forecast that weekly supply data, which will be released later in the day, will indicate West Texas Intermediate crude inventories gained at a slower pace than anticipated last week.
The United States Energy Information Administration will publish its weekly report on oil supplies amid speculation for a rally of 2.4 million barrels.
Gasoline stockpiles are forecasted to drop by 0.4 million barrels while stocks of distillates including diesel and heating oil are seen to sink by 0.3 million barrels.
After markets closed on Tuesday, the industry group American Petroleum Institute reported that United States crude inventories declined by 1.1 million barrels in the week ended April 22, misaligning market players who were anticipating a rally of 0.8 million barrels.
The American Petroleum Institute also reported that crude stocks at the Cushing, Oklahoma which is the delivery point of West Texas Intermediate soared by 1.9 million barrels.
Meanwhile, distillate inventories plunged by 1.0 million barrels, and gasoline inventories slumped by 0.4 million barrels.
On the New York Mercantile Exchange, crude oil for June delivery inched up to a session high $44.87, the highest level November 9. NYMEX crude last settled at $44.80 per barrel, climbing 76 cents or 1.73 percent.
In the previous session, New York Mercantile Exchange crude oil prices grew nearly 40 percent since tumbling to 13 years low at $26.05 on February 11, as a plummet in United States shale production strengthened sentiment.
On the ICE Futures Exchange in London, Brent crude for July delivery gained 86 cents or 1.89 percent to trade at $46.44 per barrel after edging higher to $46.52, which is a level last seen in November 25.
Brent futures hiked $1.26 or 2.84 percent in its last session. Its futures prices are up by nearly 35 percent since momentarily diving below $30 per barrel on February 11.