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Oil prices surging as much as four percent, WTI futures rocket above $47 a barrel

Posted at 2:35 PM, May 10, 2017
and last updated 2017-05-10 17:35:26-04

Oil prices surged as much as four percent after the latest report on U.S. crude stockpiles, CNBC reported.

The U.S. West Texas Intermediate futures rocketed above $47 a barrel after governmental data showed a big drop in U.S. crude inventories.

 

Gasoline demand also recovered.

West Texas Intermediate is on track for its best day since OPEC agreed to cut its output.