Oil Prices Surge on Firmer Demand, Reduced Supply

A pumpjack from California-based energy company Signal Hill Petroleum is seen in front of the landmark Curley's Cafe in Signal Hill, Calif., on Oct. 21, 2019. Frederic J. Brown /AFP via Getty Images

Following a shock selloff in U.S. oil futures last month that saw prices dive into negative territory, oil prices climbed more than 4 percent on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories.

Brent crude futures were up $1.38, or 3.98 percent, at $36.03 per barrel at 10:54 a.m. ET while U.S. West Texas Intermediate (WTI) July crude futures were up $1.38, or 4.32 percent, at $33.34 a barrel. Both benchmarks rose more than 5 percent during the session.