US oil jumped more than 2 per cent on Wednesday to its highest level in 15 months on the back of bullish data on US crude inventories.
West Texas Intermediate climbed as much as 2.9 per cent to $51.73 a barrel, propelling the commodity to its best level since July 2015.
The rise came after the US Energy Department said oil inventories unexpectedly skidded last week in the latest sign that the glut in supply may be slowly easing.
Oil has been lifted in weeks by hopes that Opec and other major producers like Russia, may finally choose next month to cap their output. Persistently high supplies have contributed to the collapse in the oil price from the $100 a barrel level in 2014 to as low as the mid-$20 range earlier this year.
Brent crude, the international benchmark, also posted solid gains on the day, rising 2.5 per cent to $52.96 a barrel.