Oil rises further above $50 on API report, braced for Brexit volatility

By Alex Lawler LONDON (Reuters) - Oil rose further above $50 a barrel on Wednesday after an industry report showed a large drop in U.S. crude inventories, with analysts expecting volatile trading ahead of Britain's referendum on EU membership. U.S. crude inventories fell by 5.2 million barrels, the American Petroleum Institute (API) said on Tuesday, far more than analysts expected. Official stocks data is due later on Wednesday from the U.S. Department of Energy.