Oil futures settled with a gain on Wednesday, finding support from a weekly decline in U.S. crude production, as strong demand for gasoline pointed to a possible rise in demand for oil to make the fuel.Trading was volatile during the session, as traders also digested news of a weekly climb in U.S. crude supplies, as well as recent comments from major oil producers who dimmed any hopes for production cuts.
April West Texas Intermediate crude CLJ6, -0.31% tacked on 28 cents, or 0.9%, to settle at $32.15 a barrel on the New York Mercantile Exchange. Prices spent the session whipsawing between a low of $30.56 and high of $32.36.
Brent crude LCOJ6, -0.41% on London’s ICE Futures exchange settled up $1.14, or 3.4%, at $34.41 a barrel.
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