Update Investing.com - Oil was steady at mostly higher levels Thursday as Brent briefly touched the $50 mark.
Brent crude was down 15 cents, or 0.30%, at $49.70 at 06:45 ET. It hit a high of $50.05, its highest level since July 4.
U.S. crude for September delivery was up 16 cents, or 0.30%, at $46.95.
Skepticism remains about a freeze in output being agreed at an informal OPEC meeting next month.
Sources told Reuters Saudi output could hit up to 10.9 million barrels a day in August after a record high of 10.67 million in July.
Official data Wednesday showed an unexpected fall in U.S. crude stocks of 2.5 million barrels.
However, crude inventories remain at historically high levels of 521.1 million barrels.
The dollar was lower after the minutes of the FOMC meeting in July.
The minutes showed Federal Reserve members divided over the timing of a U.S. rate hike.
The dollar index was down 0.3%. A lower dollar underpins demand for oil.