Oil futures settled above $49 a barrel on Wednesday, at their highest level in more than two weeks, with turmoil in Yemen raising concerns over crude supplies in the Middle East.
crude for delivery in May CLK5, +3.54% settled at $49.21 a barrel, up $1.70, or 3.6%. Prices had been trading around $48.23 shortly before the supply data, pared gains after it, then spiked higher just over an hour before the scheduled close of trading on Nymex. The settlement was the highest for a front-month contract since March 9.
May Brent crude LCOK5, +2.64% on London’s ICE Futures exchange rallied $1.37, or 2.5%, to $56.48 a barrel.
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