Oil prices rally to a 4-month high as U.S. supplies fall and production slows
Oil futures rallied Wednesday to settle at a four-month high after U.S. government data revealed a surprise weekly decline of 3.9 million barrels in U.S. crude stockpiles and a fall of 100,000 barrels in domestic production. April West Texas Intermediate oil rose $1.39, or 2.4%, to settle at $58.26 a barrel on the New York Mercantile Exchange, near the session's high of $58.38. The settlement was the highest for a front-month contract since Nov. 12, according to FactSet data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.