U.S. Oil hits $50 on hopes U.S. inventories will shrink

U.S. oil prices rebounded to the highest level in nearly two weeks in early Asia trade Wednesday on expectations for a shrinkage in U.S. crude inventories.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, +0.84%  traded up $0.31, or 0.6%, to $50.16 a barrel in the Globex electronic session, the highest since June 10. The grade briefly crossed into the $50 a barrel range.

August Brent crude LCOQ6, +0.65%  on London’s ICE Futures exchange rose $0.27, or 0.5%, to $50.89 a barrel.

U.S. crude likely fell 5.2 million barrels in the week ended June 17, according to data provided by the American Petroleum Institute. The group expects a 1.5-million-barrel decrease in gasoline stocks and a 1.7-million-barrel drawdown in distillates inventories.

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