U.S.oil prices rose near 8 percent on Wednesday, after an unexpected drop in crude inventories.
Crude inventories fell by 3.3 million barrels in the week to Feb. 12 to 499.1 million, compared with analysts' expectations for an increase of 3.9 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub dipped by 175,000 barrels, API said.
Refinery crude runs fell by 27,000 barrels per day, API data showed.
Oil futures have staged a rebound from their lowest levels in a dozen years, bouncing after Iran voiced support for a move led by Russia and Saudi Arabia to freeze production in an oversupplied market.
Iranian Oil Minister Bijan Zanganeh met counterparts from Venezuela, Iraq and Qatar in Tehran for over two hours on Wednesday, saying the proposed production "ceiling" should be the first step toward stabilizing the market.
Zanganeh, quoted by Tehran's Shana news agency, did not say explicitly say that Iran will keep its own output at January's levels, in line with the proposal that major producers including Russia and Saudi Arabia restrict output.
But the tacit endorsement from Iran helped pushed global crude benchmark Brent up more than $2 a barrel. Tehran has been the main obstacle to the first joint OPEC and non-OPEC deal in 15 years, after its pledge to recapture market share lost during years of sanctions.