: Oil futures settle higher for the first time in 4 sessions

Oil futures finished higher on Wednesday after posting three consecutive session losses. “Trading is being driven more by global factors like political developments in the Middle East more than weekly inventory data,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. Data from the Energy Information Administration Wednesday showed a 1.4 million-barrel weekly rise in U.S. crude supplies. At this point, oil continues to attract significant support above the $75 to $80 level and “unless something significant happens on the supply, demand or political side, this upward trend remains intact,” said Cieszynski. December West Texas Intermediate crude CLZ23 rose $1.65, or 2%, to settle at $85.39 a barrel on the New York Mercantile Exchange.

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