Investing.com – Oil shrugged off a lower than expected drop in U.S. crude stocks to trade higher Thursday as polling stations opened for the Brexit vote.
U.S. crude for August delivery was up 64 cents, or 1.30%, at $49.77 at 07:00 ET, while Brent crude added 1.54% to $50.65.
Energy Information Administration figures showed U.S. crude inventories fell by only 917,000 barrels in the latest week.
Crude stockpiles had been forecast to fall by 1.67 million barrels.
The dollar index was down 0.6% ahead of the outcome of the referendum on British membership of the EU.
A weaker dollar lends support to the oil market.
Sterling hit a new six-month high of over $1.49 as a poll released Thursday showed 52% of voters in favour of a Remain vote.