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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.