Investing.com – U.S. crude moved above $50 a barrel early Wednesday after a larger than expected fall in U.S. inventories.
U.S. crude futures for August delivery were up 42 cents, or 0.84%, at $50.27 at 6:45 ET as Brent rose 0.69% to $50.97 after a high of $51.24.
Trading was cautious ahead of the Brexit vote on Thursday, which is seen as too close to call.
American Petroleum Institute figures Tuesday showed U.S. crude stockpiles fell by 5.2 million barrels in the latest week.
That was triple the forecast drawdown of 1.7 million barrels.
Official U.S. Energy Information Administration figures are due for release on Wednesday.
The dollar pared earlier gains to trade lower, lending support to the oil market.
Fed chair Janet Yellen said Tuesday a vote in favour of Brexit could have “significant repercussions.”
Such an eventuality could push the dollar higher, which would undermine demand for oil.