Oil Market Update

Light, sweet crude futures for delivery in March CLH5, -0.65%   rose $1.31, or 2.8%, to settle at $47.78 a barrel on the New York Mercantile Exchange. Futures ended Tuesday down 4.7%.

Brent crude for March delivery LCOH5, -0.22%  rose $1.04, or 2.2%, to finish at $49.03 a barrel on London’s ICE Futures exchange, snapping a two-day losing streak. Brent settled 1.7% lower on Tuesday.

Platinum Market Update

In other metals, platinum for April delivery PLJ5, -0.09% fell $10.20 to $1,276.40 an ounce, while palladium for March delivery PAH5, +0.27%  dropped $10.50 to $768.25 an ounce.

High-grade copper for March delivery HGH5, -0.46%  rose 2 cents to settle at $2.61 a pound.

Gold Market Update

Gold lost some of its earlier momentum to snap a seven-day winning streak Wednesday, unable to defend its first foray above $1,300 an ounce since August.

Gold for February delivery GCG5, -0.07%  relinquished its earlier high to dip 50 cents to settle at $1,293.70 an ounce after settling at its highest price in five months Tuesday.

March silver futures SIH5, -0.26% meanwhile, advanced 24 cents, or 1.3%, to $18.19 an ounce in electronic trading.