Crude Futures Rebound Above $50 a Barrel Mark on Supply Report

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Oil prices rebounded above $50 Wednesday after the U.S. government released data that showed domestic supplies of crude oil and gasoline rose last week.


Light, sweet crude for June delivery rose 63 cents to settle at $50.13 a barrel on the New York Mercantile Exchange, bouncing off an intraday low of $48.80. Gasoline futures rose 0.7 cent to close at $1.4664 a gallon, while heating oil futures climbed 1.85 cent to $1.24545 a gallon.


The latest petroleum supply snapshot from the U.S. Department of Energy showed a 2.6 million barrel increase in crude oil last week, bringing the nation’s inventories to 327 million barrels, or 9 percent above year ago levels. The supply of gasoline grew by 2.2 million barrels to 213.5 million barrels, or 6 percent above year ago levels.


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