Oil prices have risen for the second day as US data showed a fall in crude inventories after it had soared for nine consecutive weeks.
The rising oil prices received further support from a weaker dollar.
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Brent crude oil gained 60 cents to touch $52.41 a barrel, while US light crude oil soared by 55 cents to touch $49.41 per barrel, reported Reuters.
Swiss consultancy Petromatrix official Olivier Jakob was quoted by the news agency as saying: “The dollar is weaker due to the US Fed. I don’t think it is going to be enough to bring some follow-through buying to crude oil. We need something more substantial.”
The US Energy Information Agency reported that US inventory decreased by 237,000 barrels against the prediction of another rise in stocks.
Since the data showed a fall in US stocks, oil prices have increased by more than 2%.
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By GlobalDataInternational Energy Agency stated that though the global inventories rose in January, the oil market can witness a deficit of 500,000bpd in the first half of this year.
OPEC has decided to reduce oil output by 1.2 million bpd for the first six months in an attempt to eliminate the rising crude oversupply.
In the first two months, all member countries have largely remained committed to the deal as compliance level was around 90%.
