Crude oil futures rallied on Thursday, with Nymex crude surging above $50 a barrel for the first time in a month. The prices were buoyed by a pair of reports earlier in the week suggesting that rising global oil demand could stem the glut in crude supplies. Also, investors continue to cheer an International Energy Agency (IEA) report released Wednesday estimating global oil demand this year will climb by the most since 2015.

Benchmark crude oil futures for October delivery rose $0.59 or 1.2 percent to settle at $49.89 a barrel on the New York Mercantile Exchange. Brent crude for October delivery rose 0.20 percent to $55.27 a barrel on the ICE.

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