FinViz
WTI crude just jumped by a dollar to $52.88 per barrel, which is 3% higher from yesterday's close.
There doesn't seem to be an obvious explanation for the move.
A global boom in oil supply came at a time when global demand was slowing. That was the recipe for last year's oil crash, which cut prices by half.
US crude oil inventories are at their highest level in at least 80 years.
Drillers have responded by scaling back spending plans and shutting down oil rigs at a breakneck pace.
At 1:00 p.m. ET, Baker Hughes will publish its latest tally of active rigs. Expectations for a big drop could be helping propel prices.