Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
Oil prices edged higher on Wednesday, as surging U.S. fuel demand offset data from the Energy Department that showed crude inventories did not fall as much as expected last week.
Crude inventories in the United States fell by 1.5 million barrels in the week to July 28, the Energy Information Administration said, about half the decline analysts had expected.
However, the report also showed estimated weekly gasoline demand at a record high 9.842 million barrels.
U.S. West Texas Intermediate (WTI) crude ended Wednesday's session up 43 cents, or 0.9 percent, to $49.59 per barrel, after falling to a low of $48.55 earlier in the session.
Brent crude, the international oil benchmark, was up 60 cents, or 1.2 percent, at $52.38 per barrel by 2:28 p.m. ET (1837 GMT), after hitting a session low of $51.18.
Strong refinery runs continued to boost demand for crude. Refinery crude runs rose by 123,000 barrels per day last week, EIA data showed.
"I would expect the bulls to re-assert control over the market after the initial knee-jerk lower," David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington.
"Despite the week-to-week move lower in distillate demand, comparing the rolling four-week average of this year to last, distillate demand is running a whopping 14.5 percent over the same period last year."
HollyFrontier Corp said it plans to run its five refineries at or slightly above their combined capacity of 457,000 barrels per day (bpd) in third quarter.
Petromatrix strategist Olivier Jakob said Wednesday's price rise had more to do with technical trading than fundamentals.
"We are trading around the 200-day moving average and I think that is where a lot of the action of the last two days has been," Jakob said.
Brent futures fell below their 200-day moving average on Monday, but by Wednesday managed to vault above this trendline, last around $51.84 a barrel.
Oil prices fell sharply on Tuesday, and have come under pressure in recent sessions on news top oil producing countries may be boosting output.
OPEC oil output rose in July to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. Iran's oil exports also increased.
Russia's oil output stood at 10.95 million barrels per day (bpd) in July, unchanged for a third month and in line with its pledge to curb production, government data showed on Wednesday.
Energy consultancy Douglas Westwood predicted that the oil market glut will return next year and last until 2021.
"Oversupply will actually return in 2018. This is due to the start-up of fields sanctioned prior to the downturn," said Steve Robertson, head of research for global oilfield services at Douglas Westwood.
— CNBC's Tom DiChristopher contributed to this report.