Mubasher: Oil reserves for the United Stated retreated by 5.13 million barrels in the week ended 20 May to 536.8 million, according to data released on Tuesday by the American Petroleum Institute (API).

Estimates expected the decline to be about 2.5 million barrels.

Official data by the US Energy Information Administration (EIA) will be released on Wednesday.

US crude (Nymex) for July delivery was up 1.5% or 73 cents to $48.82 per barrel by the end of trades on Tuesday, while Brent crude added 0.5% or 26 cents and closed $48.61 per barrel.