SINGAPORE: Oil prices held above $50 in Asia on Wednesday thanks to a weak dollar as traders await the release of US inventory data later in the day.
Traders are expecting US Department of Energy weekly stockpile numbers to show another drop after recent losses, helping to build on a 90 percent rebound in the commodity since the start of the year.
Oil has surged since hitting near 13-year lows at the start of the year thanks to the drop in the dollar as well as signs of a recovery in the global economy and lower production in Canada and Nigeria.
At about 0720 GMT Wednesday, US benchmark West Texas Intermediate (WTI) for July delivery was up two cents at $50.38 a barrel while Brent North Sea for August delivery was down eight cents at $51.40.
