Oil futures climbed on Wednesday, as comments from the Federal Reserve, signaling its intent to raise key interest rates cautiously, indirectly sparked a rebound in West Texas Intermediate crude prices, pushing them above $44 a barrel.Prices had earlier fallen below $43 to fresh six-year lows after a U.S. government report revealed a 10th straight weekly increase in crude supplies.
April crude CLJ5, -1.75% tacked on $1.20, or 2.8%, to settle at $44.66 a barrel on the New York Mercantile Exchange. The late-session rally put an end to a six-session losing streak. Prices closed Tuesday at their lowest level since March 2009.
Brent crude for May delivery LCOK5, -0.82% on London’s ICE Futures exchange rose $2.40, or 4.5%, to settle at $55.91 a barrel.
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