U.S. oil futures finished higher on Wednesday, despite a spike in U.S. weekly crude supplies, as a move by Saudi Arabia and comments from its oil minister implied strength in demand for oil.
Crude for delivery in April CLJ5, +0.43% climbed $1.01, or 2%, to settle at $51.53 a barrel on the New York Mercantile Exchange. Prices had dropped below $50 after a government report showed that weekly crude supplies jumped by more than 10 million barrels.
April Brent crude on London’s ICE Futures exchange LCOJ5, +0.10% settled lower, but off the session’s lows, at $60.55 a barrel, down 47 cents, or 0.8%.
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