Nymex Oil Closes Above $50 On Production Fall, Gasoline Demand

Oil futures closed higher Wednesday, with West Texas Intermediate crude for May delivery rising $2.49, or 5.2%, to close at $50.09 a barrel. Oil futures were lifted by U.S. Energy Information Administration data that showed a small decline in domestic oil production in the week ended March 27 and a larger-than-expected drop in gasoline inventories.

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