Oil prices rose on Wednesday, lifted by a report of a drop in U.S. crude inventories and declining production in China, while an upbeat OPEC statement on its planned output cut also supported the market.
A slightly weaker dollar boosted oil as well, traders said, as it makes fuel purchases cheaper for countries using other currencies, potentially spurring demand.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.73 per barrel at 0326 GMT, up 44 cents, or 0.87 percent, from their last settlement.
International Brent crude futures were at $52.14 a barrel, up 46 cents, or 0.89 percent.
“The American Petroleum Institute crude inventory numbers were released … this has given early Asian trading a bullish start,” said Jeffrey Halley, senior market analyst at OANDA in Singapore.