Reply #5: Oil futures turn higher as bulls win out [View All]

[UpInArms]

http://cbs.marketwatch.com/news/story.asp?guid=%7B799AC7A6%2DFAAD%2D40CE%2D9941%2D7B61E494168A%7D&siteid=mktw

LONDON (MarketWatch) -- Crude-oil futures strengthened slightly on Thursday, continuing Wednesday's late rally after supply data pushed prices lower earlier in the day.

May crude oil futures were last trading at 19 cents higher in Thursday electronic trade, at $54.18 a barrel.

May crude fell as low as $52.50 a barrel on Wednesday, with the slide precipitated by reports from the Energy Department and the American Petroleum Institute data that showed a healthy increase in U.S. crude supplies.

The Energy Department said crude supplies rose 5.4 million barrels for the week ended March 25.

Separately, the American Petroleum Institute said crude supplies were up 2.6 million barrels, while gasoline inventories fell 1.9 million barrels and distillate supplies were lower by 639,000 barrels.

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