Oil futures staged an intraday U-turn Wednesday, lifting U.S. prices back above $46 a barrel with analysts attributing the bounce to traders considering the details of the latest weekly U.S. petroleum supply reports and technical trading.October WTI crude CLV5, -0.86% rose 84 cents, or 1.9%, to settle at $46.25 a barrel on the New York Mercantile Exchange. Prices had earlier touched a low of $43.21. October Brent crude on London’s ICE Futures exchange LCOV5, -0.65% also settled 94 cents, or 1.9%, higher at $50.50 a barrel.
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