Investing.com - Oil extended gains Thursday after official figures showed a draw in U.S. crude stocks.
U.S. crude was up 41 cents, or 0.84%, at $49.27 at 08:15 ET. Brent crude added 49 cents, or 0.95%, to $52.30.
The Energy Information Administration Wednesday reported a fall in 237,000 barrels in crude stocks in the latest week after nine straight weeks of gains.
Gasoline inventories also fell more than expected.
The market is being underpinned by high compliance levels with agreed output cuts by major producers.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.
The International Energy Agency said Wednesday demand could outweigh supply in the first half if output remains at current levels.
Oil was also buoyed as the U.S. Federal Reserve signaled only two more rate hikes this year after Wednesday's 25 basis point increase.
A stronger dollar dampens demand for oil.