Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures at over $50 a barrel, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures were up 58 cents or 1.2 percent to $50.78 a barrel by 1:59 p.m. EDT. U.S. West Texas Intermediate futures rose 68 cents or 1.4 percent to $48.57 a barrel.

U.S. crude stocks fell last week as refineries hiked output and imports dropped, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.

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