West Texas Intermediate crude oil on Thursday climbed above $50 a barrel for the first time since June 24.
The uptick comes after a string of news that may assist in rebalancing the supply-demand dynamics of the commodity.
The OPEC cartel of oil producers last week agreed to a preliminary 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 oversupply 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 supply may finally be working its way through the system.