Reuters reported that oil prices were up as much as four percent on Wednesday. A drawdown on US gasoline inventories has helped to convince the market that energy demand is improving in the US.

As quoted in the publication:

U.S. crude futures were up $1.44 at $37.94 by 11:49 a.m. ET (1649 GMT).Brent crude futures rose $1.19 to $40.84 a barrel, having touched three-month highs on Tuesday above $41.

The U.S. Energy Information Administration said crude stockpiles rose 3.9 million barrels to nearly 522 million barrels, as predicted by analysts in a Reuters poll.

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