Following two days of meetings that adjourned on Wednesday, the Federal Open Market Committee noted the next few quarters will see slow development followed later by quicker growth. That prompted conjecture about rising demand for the energy commodity.
"The FOMC moderately upgraded their growth estimates which reinforced the general view the market is operating on, that you will see a solid demand outlook from the U.S.," chief marketing analyst Ric Spooner with CMC Markets in Sydney told Bloomberg.
At 7:56 a.m. on Thursday, crude oil futures rose 0.35 percent, a 42 cent lift to $119.54 per barrel.
Reuters reports Japanese imports of the energy commodity from Iran, which is under scrutiny and suffering western nations' sanctions for its nuclear ambitions, fell 6.3 percent in March as compared to the same month of last year. But the U.S. had exempted Japan and 10 European Union nations from some of the financial sanctions since they slashed purchases of oil from the Middle Eastern nation.