Oil scores July’s 2nd biggest percentage gain

Oil futures settled higher on Wednesday, with U.S. prices scoring their second-biggest one-day percentage gain of July after U.S. government data showed sizable weekly declines in crude supplies and production.

West Texas Intermediate crude for September delivery CLU5, +0.16%  added 81 cents, or 1.7%, to settle at $48.79 a barrel on the New York Mercantile Exchange. It was trading down at around $47.70 before the supply data. The biggest percentage gain for the month was seen on July 9, when prices rose about 2.2%.

ICE September Brent crude LCOU5, +0.45%  tacked on 8 cents, or 0.2%, to $53.38 a barrel.

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