Black commodity trading bounced back after industry data showed U.S. crude oil supply recorded a significant drop last week.
Most recently, the American Petroleum Institute (API) reported crude oil inventories fell by 5.27 million barrels last week, following an increase of 2.56 million barrels the previous week.
At the same time, however, data also showed that petrol supply increased by 3.1 million barrels, much higher than expected.
The report has prompted crude oil to soar after a gloomy trading session earlier in the week.
In the Asian session, US WTI crude futures rose 26 sen and traded at $ 52.86 a barrel, while Brent crude added 24 sen to $ 55.88 a barrel.
In addition, price increases were also supported by positive forecasts from the International Monetary Fund (IMF) which increased its outlook for global economic growth in 2021.
However, the IMF also mentioned uncertainty about the economic prospects posed by the new wave and variant of Covid-19 that could affect their projections.
