One of those factors is the weakening U.S. dollar. The currency inched up after U.S. payroll data suggested the job market had not deteriorated as much as many investors had feared.
At the same time, the rate hike by the European Central Bank turned out to be in line with expectation.
Earlier in the day, the U.S. currency fell to a two month low against the euro.
A weak U.S. dollar has helped to fuel this year's rally across dollar-denominated commodities as investors seek to hedge against inflation and falls in other asset classes.
Oil prices, which have been edging higher since the start of the week, gained momentum on Wednesday after U.S. government data showed a sharp fall in oil inventories.
Bullishness has been tempered slightly by evidence high oil prices have started to erode demand as U.S. gasoline prices have leapt to more than $4 a gallon.
But traders were reluctant to sell ahead of the U.S. Independence Day holiday, which marks the peak of the U.S. driving season, particularly in view of heightened tension between Israel and Iran.
Speculation has mounted that Israel could launch an attack on Iran's nuclear plans, which Tehran has insisted are purely for peaceful purposes.
The market is concerned any conflict could disrupt oil shipments from the Gulf through the vital shipping route, the Strait of Hormuz.
Roughly 40 percent of the world's seaborne oil passes through the Strait.