The West Texas Intermediate for July delivery rose 12 cents to settle at 37.41 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery climbed 20 cents to close at 39.99 dollars a barrel on the London ICE Futures Exchange.
Traders cautiously awaited news on whether the Organization of the Petroleum Exporting Countries and others including Russia, a group known as OPEC+, would make a decision on an extension of the current output reductions.
OPEC+ agreed in April to slash output by 9.7 million barrels per day for May and June as the COVID-19 pandemic ravaged demand. Those cuts are meant to be eased to 7.7 million barrels a day from July through the end of 2020.
Investors also digested latest data on U.S. crude stockpiles.
U.S. crude oil inventories decreased by 2.1 million barrels during the week ending May 29, the Energy Information Administration reported Wednesday. Analysts polled by S&P Global Platts had forecast an average climb of 3.5 million barrels.