Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months, boosted after US government figures showed a sharper-than-expected drawdown in crude stocks last week.
Buoyant stock markets also supported prices, with the Dow Jones industrial average , the S&P 500 and the Nasdaq Composite all climbing overnight.
Brent was up 0.68% at $50.08 (£34.02) at 7.10 a.m. BST/2.10 a.m. and US West Texas Intermediate was up 0.63% at $49.87 (£33.88).
“Certainly ($50) is a psychological barrier. There is a momentum, people will try and push it up over that,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets.
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