Oil prices were sitting just below 8-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply. Brent crude futures were down 6 cents, or 0.1 percent, at $50.91 a barrel at 0340 GMT, after rising about 1.5 percent in the previous session. U.S. West Texas Intermediate futures were down 6 cents, or 0.1 percent, at $48.69 a barrel.

U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday. The 7.2 million barrel decline in crude inventories in the week ending July 21 was well above the 2.6 million barrel forecast.

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