Published September 8, 2016 2:44pm EDT | Updated September 8, 2016 3:04pm EDT

Oil Surges To Highest Settlement In Nearly Two Weeks On U.S. Supply Drop

Oil futures Thursday settled at their highest settlement in almost two weeks after data showed the largest drop in crude supplies in 17 years. October West Texas Intermediate crude gained $2.12, or 4.7%, to settle at $47.62 a barrel on the New York Mercantile Exchange. The U.S. Energy Information Administration said domestic crude supplies fell 14.5 million barrels in the week ended Sept. 2 versus a 425,000-barrel increase projected by analysts.