Crude futures on have edged up by 1% due to a weaker dollar and expectations that crude stocks in the US declined for a fourth straight week.
July Brent crude increased 64 cents to $64.36 a barrel, while the US crude rose 68 cents at $58.71 a barrel, Reuters reported.
The greenback was trading 0.33% less compared with other currencies, making crude cheaper for buyers in other currencies.
“Commercial crude inventories in the US fell by two million barrels last week to signify demand in the country.”
According to the Reuters preliminary survey, commercial crude inventories in the US fell by two million barrels last week to signify demand in the country.
Oil traders are keenly awaiting US Energy Information Administration’s inventory data.
Oil traders are also worried about oversupply concerns from Organization of the Petroleum Exporting Countries (OPEC) members Saudi Arabia and Iraq who have been pumping record level of crude.
Adding to the worry, OPEC could keep the supply level untouched during its meeting on 5 June.