Oil prices rose in Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks, according to Reuters.
U.S. crude futures` August contract, the new front month from Wednesday, climbed 35 cents to $50.20 a barrel by 06:04 GMT, marking its first rise above $50 since June 10, as reported by Reuters.
Brent crude futures were up 32 cents at $50.94 a barrel.
U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group`s figures were triple the draw of 1.7 million barrels forecast by analysts in a Reuters poll.
The U.S. government`s Energy Information Administration will issue official stockpile data on Wednesday.
Markets remain jumpy over the possibility the United Kingdom will vote to leave the European Union on Thursday in a referendum, with polls showing little difference between the ”remain” and ”leave” camps.
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