LONDON (Reuters) - Oil prices edged up on Wednesday, lifted by hopes U.S. crude inventories declined for a seventh straight week, although markets were still restrained by excess supply.
The U.S. government's Energy Information Administration was due to release stocks data on Wednesday after industry group the American Petroleum Institute said on Tuesday it believed crude inventories fell by 9.2 million barrels in the week to Aug. 11.
That compared with analysts' expectations for a decrease of 3.1 million barrels.
"The market took this as a mildly bullish report," said William O'Loughlin of Australia's Rivkin Securities.
Brent crude futures LCOc1 were at $50.98 per barrel at 1230 GMT, up 18 cents, or 0.30 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.60 a barrel, up 5 cents, or 0.11 percent.