Crude oil is closing sharply higher in trading today

Close at $48.66, up $1.37 or 2.90%

The price of crude oil is ending sharply higher in trading today.

The contract is closing at $48.66. That is up $1.37 or 2.90%. The high extended to $48.98. The low fell to $47.15.

There are four major reasons cited for the decline:

• Weaker USD
• Refiners in Houston come back online increasing the demand for crude
• Russian and Saudi's have more conversations about extending OPEC supply cuts
• Hurricane Irma and potential crude oil disruptions