West TX Oil Up Near $49

Oil rallied on Wednesday for the first time in four days after weekly U.S. stock builds turned out to be less than some feared, and negotiators missed a deadline on Iranian nuclear talks that might bring more supply to the market.

U.S. oil futures closed up $2.49, or 5.2 percent, at $50.09 a barrel after government data showed crude inventories in the United States rose 4.8 million barrels to 471.4 million in the week to March 27, hitting record highs for a 12th straight week.

While analysts in a Reuters poll had expected a 4.2-million-barrel build on average last week, some feared a bigger rise after industry group the American Petroleum Institute suggested as much as 5.2 million barrels in a Tuesday report.

CNBC

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