Oil holds above 5-week low on report of falling US crude stockpiles [CNBC]
Churchill Capital Corp V Class A (CCV)
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Source: CNBC
Jean-Paul Pelissier | Reuters Oil prices rose on Wednesday, steadying above five-week lows struck in the previous sessions, after preliminary data showed a much higher-than-expected fall in U.S. crude stockpiles Concern over OPEC's output cuts and rising production in Libya and the United States capped gains. Benchmark Brent crude was up 27 cents at $50.73 a barrel by 8:58 a.m. ET (1258 GMT). On Tuesday the futures had settled at their lowest since Nov. 30, when the Organization of the Petroleum Exporting Countries decided to cut oil supply. U.S. West Texas Intermediate (WTI) crude traded at $47.85 a barrel, up 19 cents. WTI had slid 2.4 percent on Tuesday. Both futures sharply extended losses on Tuesday afternoon after WTI broke through last week's low of $48.20 a barrel, a key technical support level. In the five minutes after prices breached that level, more than 50,000 U.S. contracts traded, representing about 10 percent of total t
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