Oil prices surged on Thursday as U.S. producers continue to scale back operations, and as the demand outlook begins to improve.
"Nascent signs of rebounding gasoline demand in the U.S. and a rapid curtailment of oil production that has seen U.S. producers cut over 1 million barrels per day of output in a matter of weeks has enabled oil prices to recover," Again Capital's John Kilduff told CNBC. "Volatility will remain the watchword, but there is an increasing sense that the worst is behind the industry, at this point.
"There has just been a fierce reaction by U.S. oil and exploration and production companies to really crater U.S. output. It's still very high, but it's working its way down rapidly," Kilduff added. Mizuho energy analyst Paul Sankey noted that oil also got a boost after Saudi Arabia raised its official oil selling prices, which "alleviates pressure on global crude pricing."
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