Oil futures fell on Thursday, but settled well above the session’s worst levels after U.S. government report showed a rise in weekly crude supplies that was smaller than the “gargantuan” increase reported by a trade group a day earlier.
Oil for March delivery CLH5, +0.94% fell 98 cents, or 1.9%, to settle at $51.16 a barrel on the New York Mercantile Exchange. Before the EIA data, prices traded around $49.70 and were on pace for the lowest settlement since Feb. 11.
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