London — Oil prices firmed on Wednesday, holding near eight-week highs, as a fall in US inventories bolstered expectations that the long-oversupplied market was moving towards balance. Brent crude futures rose 30c to $50.50 a barrel by 9.59am GMT, after rallying more than 3% on Tuesday. US West Texas Intermediate futures climbed 40c to $48.29 a barrel. US crude stockpiles fell sharply last week as refineries boosted output, while petrol inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 10.2-million barrels in the week ending July 21 to 487-million, more than the expected decrease of 2.6-million barrels. Data from the US Energy Information Administration on Wednesday could provide more support, with forecasts of a drop for a fourth week in a row. Tuesday’s stock draw added to hopes the long-awaited oil market rebalancing was under way. Saudi Arabia said on Monday it would limit...
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