Oil Shakes Off OPEC, Settles Higher For First Time In 5 Sessions

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures settled higher on Thursday, buoyed by data showing weekly declines in U.S. crude supplies and production. The data outweighed earlier pressure from the Organization of the Petroleum Exporting Countries' failure to reach a pact to cap output. July WTI crude settled at $49.17 a barrel on the New York Mercantile Exchange, up 16 cents, or 0.3%, recovering from an earlier dip below the $48 mark.

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