Investing.com - Brent crude on Thursday sought to hold above $50 a barrel after breaking through the psychological barrier as U.S. crude stockpiles fell more than expected.
Brent crude futures rose 0.84% to $50.16 a barrel at 0645ET, its highest since early November. U. S. crude futures for July delivery were up 34 cents, or 0.69%, at $49.90 a barrel.
The U.S. Energy Information Administration said Wednesday that crude stocks fell by 4.1 million barrels to 537.1 million last week, the biggest decline in seven weeks.
The forecast was for a fall of 2.5 million barrels.
The recovery in oil futures was tempered by caution ahead of next week’s OPEC meeting in Vienna.