Futures Movers: Oil prices rise to 4-month highs as U.S. crude and gasoline supplies drop

Oil futures climbed Wednesday to their highest level since November as weekly data revealed a surprise decline in U.S. crude stockpiles and a much bigger-than-expected drop in gasoline inventories.

April West Texas Intermediate crude CLJ9, +1.49% rose $1.07, or 1.9%, to reach $57.94 a barrel on the New York Mercantile Exchange after trading as high as $58.08. Prices front-month contract have traded or settled at levels this high since mid-November, according to FactSet data.

May Brent crude LCOK9, +0.51% gained 67 cents, or 1%, to $67.34 a barrel on ICE Futures Europe, which also put the international benchmark on track for its highest finish in about four months.

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