Oil prices ascended on Wednesday after the U.S. government reported a larger-than-expected drop in crude stocks, though profit-taking kept prices below the $50.00-a-barrel level.
The U.S. Energy Information Administration said crude inventories fell 4.2 million barrels in the week to May 20. While the decline was steeper than the 2.5 million barrels forecast by analysts, the number proved was not as much as the 5.1 million expected by the trade group American Petroleum Institute.
Brent crude futures were up 90 cents at $49.51 U.S. a barrel by early Wednesday afternoon, after touching a session high of $49.69.
U.S. crude futures rose 69 cents to $49.31 U.S. a barrel, after peaking at $49.62.
Those keen on better fortunes in the energy industry have been hoping in recent weeks that crude would rise to $50.00 U.S. a barrel or more, after global crude flows declined nearly four million barrels per day due to wildfires in Canada's oil sands region, a near economic meltdown in Organization of the Petroleum Exporting Countries (OPEC) member Venezuela and a spate of violent attacks against the Libyan and Nigerian energy industries.
