Colder weather than expected is driving up global oil demand for heating purposes, leading to a rise in oil prices for the third consecutive week.

U.S. crude-oil inventories likely fell for a seventh consecutive week, while gasoline and diesel stocks are seen rising from the week before, according to a survey by The Wall Street Journal. Commercial crude stockpiles are expected to have fallen by 1 million barrels to 414.

Oil futures pulled back Wednesday to their lowest levels in a month, following the release of bearish data from the U.S. government's weekly inventory report showing large increases in domestic gasoline and distillate stocks,