 "Crude oil nears $50")
Oil prices jumped to their highest level in eight months on Wednesday, rising for a third consecutive session on supply disruptions in Nigeria and strong Chinese demand data.
There was also a larger-than-expected drop in US crude inventories on Tuesday, indicating an easing of the global supply glut. A weak dollar, which hit a five-week trough against a basket of currencies on Wednesday, also boosted prices.
The market sentiment is positive; the trend and the momentum points to further gains, said Carsten Fritsch, commodities analyst at Commerzbank. Brent crude futures rose to the highest level since last October.
