The American Petroleum Institute (API) is set to release its stockpiles figures later in the day, while the Energy Information Administration (EIA) is set to publish official data on inventories on Wednesday. According to analysts' estimates, crude inventories in the US are expected to decline for the fifth week in a row.
The number of oil rigs in the United States increased by 8 to 275 in the week ending January 8 compared to the previous week, according to the Baker Hughes weekly rig count released on Wednesday. Meanwhile, the number of US gas rigs rose by 1 to 84 during the same week to bring the total number of rigs in the country to 360 with 1 miscellaneous rig.
Brent for March delivery climbed 1.15 percent to sell for 56.30 dollars per barrel and West Texas Intermediate (WTI) jumped 1.28 percent to go for 52.92 dollars per barrel.