Crude oil is surging

Petrochina oil pump rigs daqing oilfieldREUTERS/China NewsphotoOilfield pumping units of PetroChina Daqing Oilfield Company Limited at Daqing, northeast China’s Heilongjiang province.

Crude oil is rallying.

West Texas Intermediate oil prices rose by more than 3% to as high as $US57.97 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 $US50 through the month of April.

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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