(Encyclopedia of this Day News | Iraq News ) - Direct: Oil prices rose during trading on Thursday, and exceeded crude "Brent" level of $ 53, ahead of OPEC 's announcement of the production report for July.
By 8:35 am GMT, the benchmark Brent crude was up 0.8% at $ 53.11 a barrel.
Nymex crude futures were up $ 0.6 / bbl at $ 49.84 a barrel.
Oil prices benefited from a drop in US crude inventories more than expected last week, dropping 6.5 million barrels in the week ending August 4 to 475.4 million barrels.
OPEC is set to announce its production level in July, after rising by 390,000 bpd in June at 32.6 million barrels.
Forecasts indicated that last July's production rose by 145,000 barrels, supported by an increase in the supply of Nigeria and Libya.