Oil futures rose again on renewed concerns over supply ahead of the heavy demand in the winter months.
At 10.25 a.m., Brent contracts for December delivery were up 32 cents at $50.84 per barrel.
In New York, light sweet crude contracts for December delivery were up 25 cents at $54.66 in pre-open electronic trade.
Yesterday's data from the US Energy Information Administration heightened worries of a supply shortage, and the impact carried on into today.
Oil prices began their ascent yesterday just after the Department of Energy reported the fifth consecutive fall in heating oil stocks which slipped by 1.9 million barrels to 119 million barrels for the week ending October 15th. The drop was nearly double what had been expected.
Data from the American Petroleum Institute backed this up. It reported a fall of 1.2 million barrels to 116.8 million.
OPEC president Mr Purnomo Yusgiantoro has moved to soothe market fears. He called for greater production from within and outside the cartel to meet the higher demand for the winter months.
"Oil demand is increasing ahead of the winter. I ask OPEC and non-OPEC producers to increase oil production to ensure there is enough supply in the market," Mr Yusgiantoro told reporters in Jakarta.
OPEC agreed at a meeting in Vienna last month to raise its official production ceiling by 1 million barrels per day to 27, but the decision left markets unmoved.
Many observers believe oil prices can go much higher, with some talking about $60 per barrel in benchmark crude in New York.