Oil prices surged above $50 a barrel for the first time in 2016 after data overnight showed a fall in US crude inventories, adding to expectations of a tightening global market.
At around 0200 GMT, Brent North Sea crude for July delivery was up 32 cents at $50.06, while US benchmark West Texas Intermediate (WTI) was trading 28 cents higher at $49.84.
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