Oil prices clung on to gains above $50 a barrel on Thursday, defying a hefty rise in U.S. crude stocks as the market uptrend was expected to stay intact. U.S. light crude touched a high of $50.71 a barrel in Asian trade before easing to $50.45, up 32 cents. Prices are still more than 13 percent below the record-high of $58.28 in early April as steadily robust production from Middle East OPEC countries has swelled world supplies. "We're getting into an area now where the market has sold off enough to attract the funds," said John Brady, a New York-based broker with ABN AMRO. Government data released on Wednesday showed U.S. crude stocks rose 2.6 million barrels last week to 327 million barrels, their highest since July 1999. Gasoline inventories in the world's biggest energy consumer rose 2.2 million barrels -- also more than expected -- to 213.5 million barrels and 11.3 million barrels over the same period last year. David de Garis, Melbourne-based economist at ANZ Investment Bank, noting that prices in July and August were almost $52-$53 a barrel above the prompt June contract. "The markets are pricing in and expecting prices will get back to $53, $55 a barrel again over the next few months despite the fact stockpiles are continuing to rise -- it's odd to say the least," he said.