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.