91ÊÓƵ

Oil advanced to the highest level since May after U.S. gasoline stockpiles plunged to a 22-month low and exports of crude and fuels surged.

Oil topped $50 a barrel for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing.

Oil extended gains from the highest close in seven weeks as industry data showed U.S. crude stockpiles plunged, easing a glut.

Oil declined after tanker-tracker Petro-Logistics SA said OPEC’s supply in July will be the highest this year.

Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to show a decline.

Oil extended the longest run of gains in six months after U.S. shale explorers paused a record drilling expansion in a sign the boom may be slowing down.

Oil slipped after an industry report was said to show a smaller-than-anticipated U.S. crude inventory decline.

Oil traded at its lowest in more than a week in New York on signs U.S. production is continuing to recover, undermining OPEC’s efforts to clear a global glut.

Oil eased losses as growth in U.S. drilling was partially offset by a weaker dollar.

The oil market is risking a supply crunch as producers cut spending on major projects to focus on short-term low-cost shale output in the United States, some of the top crude and products traders said.