Oil prices drifted higher on Wednesday, anticipating a report of low US oil stocks, while expectations of solid demand in the upcoming driving season also lent support.
Brent crude futures for August had risen 21 cents, or 0.2%, to $120.79 a barrel after closing on Tuesday at the highest since May 31, Reuters reported.
WTI for July was at $119.75 a barrel, up 34 cents, or 0.3%, after reaching its highest settlement since March 8 in the previous session.
Analysts polled by Reuters expect data for last week to show another drawdown of US crude inventories, although gasoline and distillates stocks could edge higher.
"The oil market is expected to remain tight, as the supply side will continue to tell a story of low inventories. Crude oil inventories will likely post more draws as driving season and vacationing heats up," OANDA analyst Edward Moya said in a note.
However, figures from the American Petroleum Institute showed that US crude and oil products inventories rose last week.
The US Energy Information Administration will report last week's stock on Wednesday.
The World Bank on Tuesday slashed its global growth forecast for 2022 by nearly a third, warning that Russia's invasion of Ukraine had compounded damage from the Covid-19 pandemic and that many countries now faced recession.
