Oil approaches $50

Crude prices approached $50 Wednesday as escalating wildfires in Canada's oil sands region helped to reduce a global supply glut, while traders awaited key US energy inventory data.

Shortly after 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June was 14 cents higher at $48.45 a barrel.

Brent North Sea crude for July delivery rose 12 cents compared with Tuesday's close to $49.40 a barrel.

Crude futures had zoomed Tuesday to their highest points so far this year, as the wildfires forced thousands more people to evacuate.