Crude oil prices have surged as the positive data from the United States and China eased concerns about the global oil demand.
Crude prices rallied to a record high in more than five weeks on Tuesday, Reuters reported.
New York's main contract, WTI light sweet crude for July, climbed $2.07 to close at $99.37 a barrel on the New York Mercantile Exchange, marking a rebound from an early $96.51 low.
Brent North Sea crude gained $1.06 to reach $120.16 in London on the ICE Futures exchange, its highest price since May 4.
Although the retail sales of the United States fell in May for the first time in 11 months, the fall was less than expected.
Amrita Sen, an oil analyst at Barclays Capital, said, "There's a feeling that US economic data will start to get better next month, and if you look at the retail sales data, if you take (out) autos, which were hit by the earthquake in Japan, they were actually up 0.3 percent.”
In addition, China's industrial output in May indicated a better-than-expected data with a 13.3 percent rise from a year earlier.
China's implied oil demand in May topped the nine-million-barrel-per-day mark for the seventh consecutive month.
