Oil prices have risen to near eight-week highs, with Brent crude futures above $US50 a barrel, as a much steeper than expected decline in US inventories encouraged hopes the global crude glut would recede.

Brent crude futures settled up 77 cents or 1.5 per cent to $US50.97 a barrel. US West Texas Intermediate futures rose 86 cents or 1.8 per cent to $US48.75 a barrel.

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