Oil prices rose near an 8-week high on Wednesday, supported by US inventory data.
By 8:30 am GMT, the price of Brent crude futures rose 1% to $ 50.70 a barrel.
Nymex crude futures rose 1.2% to $ 48.48 a barrel.
Oil ended Tuesday at an all-time high of over 3%, with US crude hitting its biggest daily gain this year.
Preliminary data from the US Petroleum Institute showed yesterday that crude inventories in the United States fell by 10.2 million barrels during the week ending July 21.
Later in the day, the Energy Information Administration (EIA) data on inventories were due to be released later this week, with a forecast of 3.3 million barrels.
This week, crude received support from oil producers' decisions on setting a production ceiling in Nigeria and Libya.