Oil futures powered ahead in midweek towards the psychologically-important $50 per barrel level amid worries about supply disruptions and bullish predictions that the supply overhang may be easing.
Prices had risen strongly earlier in the week, hitting six-month highs after US investment bank Goldman Sachs said the market had moved into a production deficit earlier than expected.
Crude briefly eased on Wednesday after reports of an unexpected rise in US crude inventories, but supply worries soon resurfaced.
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