Global oil prices rocketed close to $50 on Wednesday, fueled by the drop in U.S. crude inventories which resulted from fires in Canada.
Brent crude was on the rise on Wednesday after the American Petroleum Institute (API) announced crude stocks in the U.S. declined more than expected.
U.S. crude stocks dropped by 5.1 million barrels to 536.8 million barrels last week, the API said on Tuesday.
Experts believe the fire in Canada's oil sands region is showing its effects on U.S. inventories as the state imports most of its crude from its northern neighbor.
Crude prices are expected to rise even more, after official inventory figures are announced by the U.S. Energy Information Administration (EIA) later on Wednesday.
Oil hit $49.39, before settling 1.34 percent higher than the previous closing at $49.26 at 08:57 GMT.
Meanwhile, U.S. crude hit its highest in over seven months at $49.45 on Wednesday.
By Zeynep Beyza Kilic
Anadolu Agency
zeynep.karabay@aa.com.tr