Oil futures reclaimed the $50 level on Wednesday, taking their cue from a rally in heating oil and gasoline despite a U.S. government report showing that crude supplies rose for a seventh straight week.
Crude futures for delivery in April CLJ5, -0.90% settled at $50.99 a barrel, up $1.71, or 3.5%. The April contract had posted declines in each of the last five trading sessions.
Brent crude for April delivery LCOJ5, -0.62% on London’s ICE Futures exchange closed up $2.97, or 5.1%, to $61.63 a barrel.
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