The bulls kept coming for crude oil on Thursday, Sept. 14, pushing prices to their best levels in a month and sparking a rally in energy stocks for the second day in a row.
Crude oil prices continued to climb on Thursday after settling at their highest level in five weeks a day earlier. Wednesday's rally kicked off on signs of reduced global production. Global oil supplies have hit a snag in recent weeks as Hurricane Harvey limited output in the U.S. and declining activity in the Middle East helped the Organization of Petroleum Exporting Countries keep to a previous deal to limit production.
Also helping prices, demand for oil increased in the second quarter, largely driven by Germany and the U.S., according to the International Energy Agency. The IEA anticipates oil demand to increase 1.6 million barrels per day in 2017 and 1.4 million barrels next year.
West Texas Intermediate crude was up 1.6% to $50.11 a barrel on Thursday, trading above $50 for the first time since Aug. 10.
Major oil producers were mostly higher on Thursday, including Exxon Mobil Corp. (XOM) , Royal Dutch Shell PLC (RDS.A) , Chevron Corp. (CVX) , BP PLC (BP) and Statoil ASA (STO) . The Energy Select Sector SPDR ETF (XLE) was up 0.5%.
A surge in crude oil prices, and energy names, led stocks to fresh all-time highs on Wednesday, Sept. 13, their second record-setting day in a row. However, weak inflation numbers on Thursday caused equities outside of energy to falter.
Updated from 10:25 a.m. ET, Sept. 14.
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