Government data released Wednesday showed an unexpected drop in crude oil supplies.
Light, sweet crude for June delivery rose $1.14, or 1.2%, to $100.64 a barrel on the New York Mercantile Exchange.
Brent crude on ICE Futures Europe rose $.50 to $107.56 a barrel.
U.S. oil stocks fell by 1.8 million barrels to 397.6 million barrels last week, the U.S. Energy Information Administration said.
“Analysts had expected stocks to rise by 1.2 million barrels . . . which would have placed inventories at their highest level since the EIA began tracking weekly data in 1982,” the Wall Street Journal said.
Crude oil stored in Cushing, Oklahoma dropped by 1.4 million barrels to 24 million barrels, the lowest level since 2008 and close to the minimum amount necessary for Gulf Coast refinery operations.
Gulf Coast supplies dropped by 1.9 million barrels in the week, the WSJ reported.