Oil Futures Settle At a More Than 3-month High

Oil futures settled sharply higher on Wednesday after U.S. government data revealed a fifth-straight weekly decline in domestic supplies of crude. November West Texas Intermediate crude rose $1.14, or 2.3%, to settle at $49.83 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since June 29, according to FactSet data.