Oil prices are surging right now after a report showed falling stockpiles, greater demand

CNBC ------ Oil prices surged as much as 4 percent after the latest report on U.S. crude stockpiles eased fears that have permeated the market in recent weeks, helping to drag prices to nearly six-month lows. U.S. West Texas Intermediate futures rocketed back above $47 a barrel and international benchmark Brent topped $50 after the Energy Information Administration reported a much larger drop in the nation's crude stockpiles and a strong rebound in gasoline demand. WTI was on track to post its best performance since Nov. 30, the day the Organization of the Petroleum Exporting Countries agreed to cut their production to reduce brimming global crude stockpiles. That marked a sharp reversal from the recent trend, which has seen oil prices crash through a number of technical levels to fall as low as $43.76. To learn more click on the picture below to read the article.