Oil prices traded higher as the International Energy Agency (IEA) reported the higher demand. The IEA said that oil demand would climb by 1.1 million barrels a day in 2015.

The IEA warned that its outlook is becoming "murkier" because of "constantly changing" conditions.

Oil prices were also supported by lower than expected U.S. crude oil inventories. The U.S. Energy Information Administration (EIA) said that U.S. crude oil inventories rose by 1.3 million barrels to 483.7 million barrels in the week ended April 10. Analysts had expected an increase by 3.6 million barrel a day.

The Russian Deputy Prime Minister Arkady Dvorkovich said on Wednesday that Russia has been holding consultations with the Organization of Petroleum Exporting Countries (OPEC) and Latin America countries.

WTI crude oil for May delivery rose to $55.22 a barrel on the New York Mercantile Exchange. Brent crude oil increased to $61.22 a barrel on ICE Futures Europe.