Crude oil prices have recovered following huge losses in the earlier session after industry group American Petroleum Institute (API) reported a fall in US crude stocks.
Brent futures LCOc1 gained 47 cents and traded at $50.93 a barrel, while West Texas Intermediate crude CLc1 increased by 37 cents to be traded at $48.02 per barrel, reported Reuters.
API reported that US crude stocks, including gasoline and distillate inventories fell in the last week.
In the week ending 28 April, crude inventories fell by 4.2 million barrels to 528.3 million barrels, against the analyst expectation of a drop by 2.3 million barrels.
API also reported that crude stocks at the Cushing, Oklahoma, delivery hubs decreased by 215,000 barrels.
Investors are watching for official data to be released by the US Energy Information Administration.
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A survey conducted by the news agency found that production from the OPEC members fell for the fourth consecutive month in April.
Russia’s Energy Ministry reported that it has curbed its production by 300,790bpd compared to its last October output level.