Crude oil prices rallied more than 4% on Tuesday morning.
West Texas Intermediate crude oil futures rose more than 4% in New York to as high as $4823 per barrel, the highest since early September.
The Energy Information Administration (EIA) released its latest short-term outlook today. The EIA estimated that US oil production fell by 120,000 barrels per day in September. The EIA maintained its forecast for total US oil production to fall through mid-2016 before resuming its build again.
That's the newest big oil-related news. Crude oil inventories from the American Petroleum Institute are due around 4:30 p.m. ET today, and from the EIA on Wednesday morning.
Also, this week, House lawmakers will vote on whether to lift the 40-year ban on US crude oil exports.
Brent crude oil, the international benchmark, was also up about 4%, near $51.45 per barrel.
Here's a chart showing the jump in crude oil on Tuesday:
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