Bullionguru’s”Oil up for fourth day on short-covering, supply glut caps gains”

A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil prices rose for a fourth consecutive session on Tuesday as investors covered short positions, although worries over a persistent global supply glut still lingered.

Brent crude futures (LCOc1), the international benchmark for oil prices, gained 35 cents, or 0.7 percent, to $46.18 per barrel by 0715 GMT.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 30 cents, or 0.7 percent, at $43.68 per barrel.

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