Oil prices held firm at $51 a barrel on Thursday, holding Wednesday's 2.6 percent gain on news of a surprise drop in U.S. crude inventories, Reuters reported. Analysts said they expect strong demand this summer driving season to continue to eat away at U.S. crude stockpiles, pulling them down from near 6-year highs. U.S. light sweet crude for July delivery settled up 3 cents to $51.01 a barrel after a jump of $1.31 on Wednesday. Brent crude firmed 9 cents to $50.16 a barrel. "The latest data may finally be signaling an end to the substantial builds ... in the U.S. crude stocks," Martin King, analyst for FirstEnergy Capital Corp., said in a report. Fund managers said the two-week dip below $50 that ended on Wednesday had lured more buyers in. "I think when it was sub-$50, people saw that as an opportunity to get involved in the market," said Mark Keenan of MPC Commodity Fund. He predicted long-term price strength, though he said trade could be choppy in the immediate future as key technical levels are tested and the market closes early on Friday ahead of the U.S. Memorial Day weekend. --More 0030 Local Time 2130 GMT
