Oil prices have improved after the dollar value dipped, making fuel cheaper for buyers in other currencies.
Front-month Brent LCOc1 increased 65 cents at $62.71 a barrel, while the US crude futures CLc1 rose 30 cents at $57.81 per barrel, Reuters reported.
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Commerzbank Frankfurt senior oil and commodities analyst Carsten Fritsch told the news agency: "If the dollar resumes its rise, oil will probably test new lows again."
Investors are keenly waiting for stockpile data to be released US Energy Information Administration’s (EIA) to assess how the inventory is responding to price increase.
On Wednesday, the American Petroleum Institute (API) said that crude inventories in the country increased by 1.3 million barrels last week.
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Once EIA confirms on the rise in inventories, it means that shale oil production in the US is picking up which could weigh on the prices.
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By GlobalDataThe beginning of the summer driving season as well as furious Canadian wildfires backed the US crude.
Following the wildfires, several energy companies in Alberta were compelled to evacuate oil and gas sands production sites.
The companies were also forced to close production of 233,000 barrels per day, which could give a boost to prices.
