Oil Prices End At Their Highest Level In Nearly a Week

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices rose Wednesday, settling at their highest level in nearly a week after the Energy Information Administration reported a second-straight weekly drop in U.S. crude supplies. Prices, however, finished below the session's best levels as the EIA data also showed a weekly rise in U.S. production and a monthly report from the Organization of the Petroleum Exporting Countries revealed a rise in member production in June. August WTI crude rose 45 cents, or 1%, to settle $45.49 a barrel on the New York Mercantile Exchange, following gains in each of the last two sessions.

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