Crude oil prices surged Wednesday, jumping back near $50 a barrel as concerns about the Brexit vote seem to have evaporated.
Oil tumbled for two days after the UK decided to leave the European Union, but has since since snapped back to pre-Brexit levels.
August WTI oil settled at $49.88/bbl on Nymex, up $2.03, or 4.2%
A huge drop in US oil inventories fueled the rally.
Commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) decreased by 4.1 million barrels from the previous week.
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