Oil Prices above $50, Buoyed by US Stock Draw

Oil prices rose in early Asian trading on Wednesday, with US crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.

    US crude futures' August contract, the new front month from Wednesday, had climbed 9 cents to $49.94 a barrel by 0223 GMT. Earlier it rose to as high as $50.54, marking the first time it had risen above $50 since June 10. Brent crude futures were up 4 cents at $50.66 a barrel, after settling down 3 cents at $50.62 on Tuesday. 

    US crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group's figures were triple the draw of 1.7 million barrels. The US government's Energy Information Administration will issue official stockpile data on Wednesday. 

    Markets remain jumpy over the possibility the United Kingdom will vote to leave the European Union on Thursday in a referendum, with polls showing little difference between the "remain" and "leave" camps.