Crude oil is surging.
On Thursday morning, West Texas Intermediate crude oil futures in New York rallied more than 4% to as high as $47.07.
In a release Wednesday, the Energy Information Administration said that last week, US oil production fell 0.4% to 9.1 million barrels a day. In the same period, the number of barrels in storage rose by 3.95 million, more than expected and the most in four weeks.
A separate report showed that US production in July rose to 9.358 million barrels a day, compared to 9.29 in June.
Brent crude, the international benchmark, was also rallying, up nearly 3% to around $48.41 per barrel. Reuters reported that Russian airstrikes in Syria were stoking concerns about supplies from the region.
The third quarter was the worst for Brent and WTI since Q4 in 2014, falling nearly 24%.
Here’s a chart showing the spike on Thursday morning: