Oil prices rose on Thursday after speculators rushed in to defend a brief dip below $50 a barrel, even as stockpiles in the U.S. were at their highest level in nearly six years.
U.S. light crude settled up 70 cents to $50.83 a barrel after slipping as low as $49.50. In London, Brent crude futures gained 16 cents to $51.13 on the International Petroleum Exchange.