Oil prices leaped in Asia on Thursday, June 23 hours ahead of a high-stakes British vote on whether to remain in the European Union.
At about 0600 GMT, US benchmark West Texas Intermediate was up 35 cents, or 0.71 percent, at $49.48 and Brent gained 34 cents, or 0.68 percent, to $50.22 a barrel.
Prices closed lower Wednesday after official data showed US crude inventories had fallen less than expected.
The Department of Energy said commercial stockpiles last week dropped by 900,000 barrels, far fewer than the 1.5 million forecast by analysts, an indication that the persistent supply glut is not easing as quickly as expected.
There are also concerns that oil above $50 may lead more producers to renew pumping, adding on to an already saturated market.
Oil prices have rebounded since hitting lows of below $30 in February, but current levels are still a long way off the 2014 highs of more than $100.
As with financial markets, oil traders are closely watching the referendum as analysts warn that a British exit could see the country tumble into recession with global spillover effects.
