Oil Futures Extend Gains To a Second Straight Session

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures rose on Wednesday for a second straight session, with prices finding support from a modest weekly decline in U.S. crude production, despite a hefty 6.5 million-barrel weekly increase in crude supplies. The decline in U.S. production helped to ease concerns that the nation's output will thwart efforts by other producers to rebalance the oil market. March West Texas Intermediate crude rose $1.07, or 2%, to settle at $53.88 a barrel.

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