Oil prices have hit six-month highs, breaking through $60 a barrel as investors wait for key US inventory figures later on Wednesday.
US light crude rose to $60.70 a barrel, while London Brent climbed to $59.18.
US crude slipped below $60 on Tuesday, dragged lower by official data showing a record fall in the number of new homes built in the US.
Investors are hoping to see a fall in US inventories that would indicate an increase in demand for oil.
But some analysts believe the price will climb, even if inventories rise.
"I expect the market to push higher even if there's a build in the inventories, just because that's where the momentum is," said Jonathan Kornafel at Hudson Capital Energy.
Oil prices have risen from $50 a barrel over the last three weeks, as optimism about the state of the world economy has grown.
And it has jumped from $32 levels seen in January, though remains well below the record high of $147 touched last July.
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