West TX Oil Above $56 on Yemen Terminal

U.S. crude settled up 32 cents at $56.71 per barrel on Thursday on news that a tribal group made up of former Al Qaeda militants took control of a major southern oil terminal in Yemen after military forces protecting it withdrew from the site.

The terminal is one of the major hubs for the Hadramout region exporting an average of 120,000 to 140,000 barrels per day of crude from fields in the area.

Brent crude futures for June traded up 73 cents at $64.05 a barrel by 2:26 p.m. EDT on Thursday, after touching a front-month Brent 2015 peak. WTI also traded above $57 per barrel for the first time since December earlier in the session.