Investing.com – Oil Wednesday hit its highest level since June as industry data showed a surprise draw in U.S. crude stocks.
U.S. crude was up 86 cents, or 1.77%, at $49.55 at 07:00 ET, while Brent crude rose 1.83% to $51.80.
American Petroleum Institute (API) data Tuesday showed a drawdown of 7.6 million barrels in U.S. crude stocks last week.
Forecasts were for the API figures to show a build-up of 1.5 million barrels.
Attention now turns to official Energy Information Administration (EIA) data due out later Wednesday.
The EIA is expected to report a build-up of 2.56 million barrels.
The dollar index was slightly lower. A weaker dollar underpins demand for oil.