Oil prices are at its highest level in two months

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Oil prices are hovering below a 8-week high in trading on Thursday, supported by hopes of a shrinking supply of crude due to a larger-than-expected decline in US inventories.

Brent crude futures fell 9 cents, or 0.1 percent, to $ 50.88 a barrel by 09:55 Moscow time (0655 GMT) after rising 1.5 percent in the previous session.

WTI futures fell 8 cents, or 0.2 percent, to $ 48.67 a barrel.

US crude inventories fell sharply last week as refinery production increased and imports shrank.

The 7.2 million barrel decline in crude inventories in the week ending July 21 is larger than the 2.6 million barrel forecast.

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