Brent crude hits $50 as stronger demand in Russia and China and disruptions in Canada boost prices.
Oil prices got a boost after US said crude inventories fell 4.2 million barrels in the week to 20 May.
April new home sales in the US stood at 619,000 units, marking the highest level since January 2008.
Investors are looking forward to the 27 May speech by Fed Chair Janet Yellen.
The Japanese Nikkei traded lower after ministry of finance data revealed a fall in exports.
Iran's deputy oil minister said Tehran will target boosting crude exports to pre-sanctions levels.
Asian investors were muted to the hawkish comments from US Federal Reserve.
Many US Fed committee members said it would be 'appropriate' to increase interest rates in June.
Fed presidents Robert Kaplan and Dennis Lockhart spoke in favour of a rate increase.
Richard Herbert, a veteran at BP, is said to be a long-time ally of Bob Dudley, BP's chief executive.
Rebound in Apple shares and oil price gains led to a positive close on the Wall Street overnight.
The negative news was offset by the Japanese yen, which managed to retreat by 0.25%.
This is amid non-Opec countries reducing their oil production.
Oil prices touched its highest levels in 6 months this week amid supply concerns.
US companies such as Disney and Macy's reported disappointing corporate results overnight.