Crude Oil Rallies Above $50 Before Pullback

Crude Oil Rallies Above $50 Before Pullback

Crude oil futures briefly surged above $50 a barrel for the first time in a month Thursday, as traders bet on renewed demand from U.S. refineries.

Gasoline producers are looking to replenish inventories after interruptions from Hurricane Harvey.

Oct. WTI oil gained 59 cents, or 1.2%, to settle at $49.89/bbl, having touched the highest in six weeks.

Higher gas prices and housing costs drove the rise in cost of living. However, the so-called core index edged up 0.2% in August, stripping out fuel and food costs.

The Labor Department released a report on Thursday showing an unexpected pullback in initial jobless claims in the week ended September 9th.

The report said initial jobless claims fell to 284,000, a decrease of 14,000 from the previous week's unrevised level of 298,000. The drop surprised economists, who had expected jobless claims to inch up to 300,000.

Elsewhere, the Bank of England sent strong signals that the interest rate hike could come sooner than had been predicted.