Update: Crude Prices Settle After Surging to Almost $50 a Barrel

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Oil prices on Tuesday held onto gains made over the past three weeks after soaring to a seven-week high above $49 a barrel on fears of supply cutbacks and frigid temperatures in the Northeast.


Crude oil for February delivery settled at $48.38 a barrel, unchanged from the previous session, after touching its highest level since Nov. 30 at $49.50.


London’s Brent crude rose 36 cents to $45.39 a barrel on the International Petroleum Exchange.

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