Oil held gains above $50 a barrel as investors await the outcome of a U.K. vote on whether to remain in the European Union.
Futures rose as much as 0.7 percent after increasing 2 percent Thursday as the dollar fell to a two-week low against the euro. A weaker dollar bolsters the appeal of commodities to investors. U.S. crude production also fell to the lowest since September 2014 and stockpiles slid by 917,000 barrels last week, Energy Information Administration data show.
West Texas Intermediate advanced as much as 34 cents to $50.45 a barrel on the New York Mercantile Exchange and traded at $50.32 at 8:38 a.m. Sydney time. WTI climbed 98 cents to settle at $50.11 on Thursday.
Brent for August settlement rose $1.03, or 2.1 percent, to $50.91 a barrel on the London-based ICE Futures Europe exchange on Thursday, the highest close since June 9. The global benchmark oil ended the session at an 80-cent premium to WTI.