US crude rose to over $109 a barrel this morning, following a rebound in equities and decreasing stocks of US oil products.

US crude increased by 75¢ to stand at $109.03 a barrel, while ICE Brent crude for June climbed 52¢ to $121.85 a barrel, reports Reuters.

The increase in oil prices is due to a larger-than-expected draw on US oil stocks, which eased concerns about decreasing demand.

According to the American Petroleum Institute, petrol stocks fell by 1.8 million barrels and distillate stocks dropped 3.4 million barrels.