Investing.com - Oil was higher Thursday as U.S. crude stocks fell and the dollar slipped.
U.S. crude was up 32 cents, or 0.64%, at $50.09 at 08:15 ET. Brent crude rose 0.70% to $53.37.
Oil was also underpinned by strong Chinese trade data as oil imports in November jumped.
The focus now turns to a meeting this weekend of OPEC and non-OPEC producers on possible further output cuts.
OPEC agreed last week to cut output by 1.2 million barrels a day to 32.5 million barrels.
The cartel has invited non-OPEC producers to join the accord with cuts of around 600,000 barrels a day.
Russia has signaled its willingness to assume a cut of about 300,000 barrels a day.
U.S. crude stocks fell by 2.4 million barrels in the latest week against a forecast of a fall of one million barrels.
The dollar index slipped. A weaker dollar underpins demand for oil