Crude prices surge above $50

On Wednesday, crude prices soared higher $50, following data from the American Petroleum Institute, which demonstrated a bigger than expected draw on shares.    

August delivery US crude futures acquired 9 cents, hitting $49.94 per barrel. A bit earlier it grew to as high as $50.54, thus marking the first time it had leapt above $50 since June 10. As for Brent crude futures, they gained 4 cents, reaching $50.66, having settled down at $50.62 on Tuesday.

According to the API, American crude inventories sagged  by 5.2 million barrels for the week ending June 17.  

The US government's Energy Information Administration is going to publish official stockpile data on Wednesday.

Markets are still jumpy over the probability that on Thursday, Great Britain will make up its mind to abandon the European Union on the referendum, with surveys, demonstrating little difference between the "remain" as well as "leave" camps.

Meanwhile, early on Wednesday, the US dollar reported modest gains early on Wednesday.

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