Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Global crude prices jumped nearly 6 percent on Wednesday, after the largest crude drawdown in 7 months at the key U.S. crude delivery point in Cushing, Oklahoma fed a new round of market volatility.
Oil bulls were also encouraged by doubts on whether the Federal Reserve will decide on a U.S. rate hike on Thursday after tame August inflation data.
Some speculators in oil had bet on a big U.S. draw since Monday, after market intelligence firm Genscape estimated a drawdown of 1.8 million barrels in Cushing.
Official data from the U.S. Energy Information Administration showed a total U.S. inventory drop of 2.1 million barrels for the week ended Sept. 11. The Cushing draw itself was 1.9 million, the largest since the week ended Aug. 28.
The draw numbers were bullish beyond average analysts' forecasts. A Reuters poll called for a total stockpile growth of 1.2 million barrels last week.
Even so, the EIA also cited an unexpected build of about 3 million barrels in gasoline and distillate stocks.
"The gasoline and distillates build completely negate the crude draw," said Donald Morton, energy trader for Herbert J. Sims & Co. in Fairfield, Connecticut.
"A total stockpile of 153 million barrels for distillates is huge. It's the Fed's show from here on," Morton added, referring to the impending decision on the rate hike.
John Kilduff, founding partner at Again Capital, said the EIA report was modestly bullish, but did not justify such a large move.
Potentially boosting oil, said Kilduff, was testimony from U.S. CENTCOM Commander General Lloyd Austin confirming that U.S. Special Operations Forces troops are now on the ground in Syria assisting Kurdish forces in their fight against the Islamic State and other insurgents.
Reports of Russian troop activity in Syria have already added a few dollars to the price of oil, he said, noting that the country's civil war is attracting more attention in light of a worsening migrant crisis.
Traders told CNBC the market had been anticipating a technical move higher. US crude's gains accelerated after it broke through its 50-day moving average of $46.50.
A lower U.S. interest rate could restrain the dollar, making dollar-denominated crude cheaper for holders of other currencies. The dollar retreated from a one-week high after an unexpected 0.1 percent decline in U.S. consumer prices in August.
Oil has seen big price swings since end-August on mixed supply-demand outlook from the EIA, the International Energy Agency and producer group OPEC. A sharp cut in forward oil price projections by influential Wall Street trader Goldman Sachs added to volatility.
Some analysts expect an erratic but continuous recovery from the 6½ year lows of $42.23 hit in Brent and $37.75 in U.S. crude in August.
"If the market continues to get data points similar to this week, which the markets have been anticipating for a while now, oil prices will continue to firm up and find support," said Chris Jarvis at Caprock Risk Management in Frederick, Maryland.
—CNBC's Jackie DeAngelis, Patti Domm and Tom DiChristopher contributed to this story.