Crude Oil Approaches $50 As Rally Continues

Crude Oil Approaches $50 As Rally Continues

Crude oil futures neared $50 a barrel Thursday morning, adding to weekly gains inspired by pent up demand from U.S. refineries.

Gasoline producers are getting back online along the Texas coast following Hurricane Harvey.

Meanwhile, the world's energy watchdog said that global oil supplies fell in August for the first time in four months.

Interruptions from Hurricane Harvey, dwindling OPEC production and seasonal maintenance caused output to come down by 720,000 barrels a day last month from July, to 97.7 million barrels a day, the International Energy Agency said Wednesday.

WTI light sweet crude oil was up 40 cents at $49.84 a barrel, the highest in about a month.