Oil settles lower after intraday U-turn

Oil futures staged an intraday U-turn on Thursday, settling lower and giving up a portion of 8% leap seen a day earlier, as doubts over the potential for a production cut among major producers offset earlier support from weakness in the U.S. dollar.

March West Texas Intermediate crude CLH6, +0.19% fell by 56 cents, or 1.7%, to settle at $31.72 a barrel on the New York Mercantile Exchange. Prices had surged earlier to $33.60, which would have marked the highest settlement since Jan. 29.

April Brent crude LCOJ6, -0.15% the global oil benchmark, lost 58 cents, or 1.7% to $34.46 a barrel on London’s ICE Futures exchange, retreating from a high of $35.84.

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