Crude-oil futures rose Wednesday as news the European Central Bank is close to outlining a more aggressive stimulus package to boost Europe’s economy stoked hopes of more demand for crude.
Sweet crude futures for delivery in March CLH5, -0.84% rose $1.31, or 2.8%, to settle at $47.78 a barrel on the New York Mercantile Exchange. Futures ended Tuesday down 4.7%.
Brent crude for March delivery LCOH5, -0.41% rose $1.04, or 2.2%, to finish at $49.03 a barrel on London’s ICE Futures exchange, snapping a two-day losing streak. Brent settled 1.7% lower on Tuesday.
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