Oil prices jumped on Thursday as traders were encouraged by a larger-than-expected decline in weekly U.S. crude inventories, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, June West Texas Intermediate crude climbed 50 cents, or 1.1%, to settle at $47.83 a barrel.
July Brent crude, the global benchmark, tacked on 55 cents, or 1.1%, to end trading at $50.77 a barrel on the London ICE Futures Exchange.
In a monthly report released on Tuesday, the U.S. Energy Information Administration reduced its 2017 Brent and West Texas Intermediate crude price outlook and raised its forecasts on domestic production for 2017 and 2018.
Natural gas prices saw the biggest percentage gains among energy futures after the EIA reported that U.S. supplies of natural gas rose by 45 billion cubic feet for the week ending May 5. Citi Futures had pegged consensus expectations at a build of 61 billion to 62 billion cubic feet.
Back on the New York Mercantile Exchange, June natural gas rose 8.4 cents, or 2.6%, to settle at $3.376 per million British thermal units.