West Texas Intermediate crude oil broke above $50 per barrel for the first time since June 24.
The uptick comes after a string of good news that may assist in rebalancing the supply-demand dynamics of the commodity.
Last week, the oil cartel OPEC preliminary agreed to a cap on production of oil and, on Wednesday, the Energy Information Association announced that inventories of oil in the US had unexpectedly decreased by 3 million barrels.
Over the past year and a half, oil has been dogged by an over-supply that has caused the price of a barrel to crash to its lowest level in over a decade. Based on recent news, it appears some of that over-supply may finally be working its way through the system.