Oil prices traded higher, driven by a drop in U.S. crude oil inventories. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Thursday. U.S. crude inventories declined by 2.8 million barrels to 479.4 million in the week to May 22. It was the fourth consecutive weekly decline. Analysts had expected a decline of 2 million barrels.

Investors are awaiting the release of the number of the U.S. oil rigs later in the day. The number of U.S. oil rigs declined by 1 last week.

Investors fear that oil producer could to add rigs and increase oil production.

WTI crude oil for July delivery rose to $59.58 a barrel on the New York Mercantile Exchange.

Brent crude oil for July rose to $63.33 a barrel on ICE Futures Europe.