After a two-day decline at the beginning of the week, oil started to rise as the American Petroleum Institute pointed to a decrease in US crude oil and gasoline stocks.

New York futures are up 1.48 percent to trade at around $89, after dropping a combined 3.2 percent in the past two sessions.

In the report published by the American Petroleum Institute, a decrease of nearly 2 million barrels in stocks across the country was pointed out. Official figures will be released by the Energy Information Administration (EIA) later in the day.

While crude oil prices have set their sights on $100, Indian oil refineries, which have increased their purchases to reach their annual production targets, may cause an additional increase in prices.

West Texas Oil for March rose 0.3 percent to $89.66 on the Nymex market.

Brent oil for April rose 0.4 percent to $91.14 on the London ICE Futures Europe market.