Oil Up Over 3% For Biggest One-day Gain Since December

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled with a gain of more than 3% Wednesday, their largest since December. The Energy Information Administration reported a bigger-than-expected drop of 5.2 million barrels in last week's U.S. crude supplies. That was the biggest weekly decline of the year. Gasoline futures also rallied as weekly U.S. inventories of the fuel edged lower. June WTI crude rose $1.45, or 3.2%, to settle at $47.33 a barrel on the New York Mercantile Exchange. June gasoline added 5 cents, or 3.4%, to $1.540 a gallon.

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