Decline in the U.S.' weekly crude oil inventories pushed oil prices higher Wednesday, the U.S.' Energy Information Administration (EIA) data showed.
Crude oil stocks fell by 3.6 million barrels, or 0.7 percent, to 528.7 million barrels for the week ending April 21.
The market expectation was a drop of 1.7 million barrels.
After crude inventories posted a weekly decline higher than market expectations, oil prices increased.
American benchmark West texas Intermediate traded as high as $50.20 a barrel, while Brent crude climbed to $52.94 per barrel before 17.30 GMT.
Meanwhile, U.S. oil production rose by 13,000 barrels per day (bpd) to 9.26 million bpd for the week ending April 21, according to the EIA.
This marked the tenth consecutive week of increasing domestic oil production in the country.
The U.S.' crude oil exports rose by 1.1 million bpd to 8.91 million bpd, during the same period, the EIA data showed.
Gasoline inventories, on the other hand, rose by 3.4 million barrels, or 1.4 percent, to 241 million barrels, according to the administration.
By Ovunc Kutlu in New York