Crude oil is surging
Apr 23, 2015, 20:39 IST
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Crude oil is rallying.
West Texas Intermediate oil prices rose by more than 3% to as high as $57.97 a barrel on Thursday morning.
According to Reuters, this rally comes on concerns over Middle East supplies as the civil war in Yemen continues. Brent crude also rallied by more than 2%.
Oil prices have held above $50 through the month of April.
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On Wednesday, the Energy Information Administration reported that commercial crude oil inventories rose by 5.3 million barrels from the previous period, more than the forecast of 3.2 million.
Here's a chart showing the price movement on Thursday.
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