LONDON (Reuters) – Brent crude rose above $ 50 a barrel for the first time since early June, boosting gains in the previous session as a drop in US crude and oil inventories pushed the market higher.
Brent crude oil futures were up 40 cents from the previous close to $ 50.10 a barrel, Reuters reported.
US crude futures rose 30 cents to $ 47.42 a barrel.
The crude was at their highest since June 7 after rising more than 1.5 percent in the previous session on a report showing US crude and fuel stocks fell last week.
According to data from the US Energy Information Administration, US crude inventories fell 4.7 million barrels over the week ending July 14, while analysts forecast a 3.2 million barrel drop.