Brent crude oil prices edged above $50 a barrel today, supported by a larger than expected drawdown in US stockpiles yesterday.
The global benchmark rose 0.8 per cent to $50.10 per barrel in afternoon trading.
Meanwhile, the price of the US benchmark, West Texas Intermediate (WTI), rose 0.62 per cent to $47.41 a barrel.
Crude stocks lifted around 1.5 per cent each yesterday after the US Energy Information Administration (EIA) reported a sharp drawdown in US oil inventories.
US inventories dropped by 4.7m barrels in the week to 14 July, while analysts were predicting a 3.2m drawdown.
"Most importantly, the EIA also reported production at a lower level than in recent weeks, supporting the rally," said analysts at Accendo Markets.
Gasoline stocks also dropped by 4.7m barrels whereas analysts had expected a decrease of 655,000 barrels.
Brent crude prices have not been as high as $50 since early June.