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Oil climbed to near its highs for the year after a US report showed signs of rising fuel demand heading into the summer driving season.

Oil settled at the highest level in a week on signs of cooling inflation and a weakening dollar.

Oil rallied above $100 after the Saudis declined to make any promises regarding future output increases, while a weaker dollar also helped put wider commodity markets on firmer footing.

Tightening oil supplies pushed West Texas Intermediate above $83 a barrel, extending a rally that has propelled prices to the highest since October.

Physical markets and economics, rather than geopolitics, are driving crude at present.

Oil erased earlier losses to top $83 a barrel as a weaker dollar boosted commodities priced in the currency.

Oil rose 1.4% after three weeks of declines set the stage for a relief rally.

Oil rose to the highest since April as signs of economic strength in the US improved the outlook for demand, outweighing concerns about a price correction based on technical factors.

Oil climbed alongside risk assets, with attention focusing on this weekend's OPEC+ meeting in Vienna.

Oil gained for a second session as expectations waned that OPEC and its allies will allow the market to become oversupplied.