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Futures Movers: Oil prices rebound as traders anticipate fall in U.S. crude inventories

Oil prices rebounded to settle at a four-week high after a choppy start Tuesday, rising on expectations weekly U.S. crude-inventories data would show a decline as refineries work to keep up with rising gasoline demand.

West Texas Intermediate crude oil for May delivery CLK7, +0.31% rose 79 cents, or 1.6%, to settle at $51.03 a barrel on the New York Mercantile Exchange. At London’s Intercontinental Exchange, Brent for LCOM7, +0.24% June delivery added $1.05, or 2%, to finish at $54.17 a barrel. Those were the highest closes for both benchmarks since March 7.

Earlier in the session, WTI dipped below $50, before oil futures regained their footing.

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