Oil prices have increased with money and equity markets awaiting opinion polls on Britons remaining in the EU in today’s referendum on membership.

Global benchmark front-month Brent crude LCOc1 increased 31 cents at $50.19 a barrel, while the US futures were up 26 cents and stood at $49.39, Reuters reported.

Ahead of the UK’s Brexit referendum, global markets, including commodities have been on tenterhooks for weeks.

The results are expected to come following a YouGov poll once voting closes.

ABN AMRO senior energy economist Hans van Cleef said: "Most market participants are positioned ahead of the Brexit voting or are waiting on the sidelines to see the final outcome."

If the UK votes not to withdraw from the EU, the oil market is expected to shift its focus to fundamentals and return its attention to supply disruptions that have increased prices recently.

The Energy Information Administration (EIA) said that crude stocks declined by 917,000 barrels in the week ending 17 June.