Oil prices hiked more than 3% Thursday after U.S. crude inventories fell by 14.5 million barrels in the last week, compared with expectations for an increase of 225,000 barrels.
Oil prices were up more than 1.5 percent after U.S. industry data showed a large drawdown in crude stocks, reflecting the temporary impact of an Atlantic storm.
Data from the American Petroleum Institute showed U.S. crude stocks fell 12.1 million barrels last week, after the market settled on Wednesday, compared with expectations for an increase of around 200,000 barrels.
Benchmark Brent crude oil was up $1.72 a barrel at $49.70 U.S. late morning Thursday, after settling up 72 cents on Wednesday.
U.S. light crude was up $1.71 cents at $47.21 U.S. a barrel, having ended the previous session up 67 cents.
The Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia are expected to discuss stabilizing oil markets during informal talks in Algeria from Sept. 26-28.
Many analysts expect oil prices to decline ahead of the OPEC meeting as markets seem to be well supplied.
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