US crude climbed up to $112.16 a barrel due to the fall in US crude inventories and a weaker dollar.
US crude rose by 71¢ to $112.60 a barrel while ICE Brent crude for June climbed 74¢ to $124.59 a barrel, reports Reuters.
The rise in the oil price is attributed to the unexpected fall in the stock levels of the US oil products and the weaker dollar that led to a rush into riskier assets.
International Energy Agency executive director Nobuo Tanaka said that high oil prices have decreased the demand from top consumers China and the US, and OPEC needs to raise output around June to stem further price rises.
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