The rise came after the Energy Information Administration (EIA) reported that crude oil stockpiles decreased by 15,000 barrels to 370.3 million barrels for the last week. Market analysts were predicting an increase in stockpiles by 1.7 million barrels.
The minor change in the crude oil inventories last week was due to a decline in U.S. oil imports and a hike in refinery demands. Crude oil imports in the U.S. fell 4.4 per cent to 8.57 million barrels a day, according to the EIA"s report.
The American Petroleum Institute API on Tuesday had reported that gasoline supplies decreased 676,000 barrels in the US which in turn boosted a rise in futures. The institute also added that crude stockpiles at Cushing,Oklahoma, were down by 1.5 million barrels (the most since June 2010).
The value of crude for June delivery was reported at $100.56 per barrel, up by 46 cents on the New York mercantile exchange. While on the ICE futures exchange in London, Brent crude for July contract was up to $112.66 a barrel.