CNBC Senior Energy Correspondent Sharon Epperson shared this report from the NYMEX.
West Texas Intermediate oil futures surged Wednesday, outpacing gains in Brent crude at midday. WTI oil futures were up nearly 3 percent, above $101.50, at the day's highs, while Brent futures were up over 1.5 percent, trading above $118 per barrel. Oil futures have since given up about half those gains after the White House commented that President Obama would consider opening strategic reserves to guarantee adequate supply.