Oil Market Update

U.S. crude oil rose Wednesday, snapping a four-session losing streak after a dip below $47 a barrel earlier in the day.

Light, sweet crude for February delivery CLG5, +1.03% rose 72 cents, or 1.5%, to settle at $48.65 a barrel on the New York Mercantile Exchange.

Brent crude for February delivery LCOG5, +0.72%  on London’s ICE Futures exchange rose 5 cents, or 0.1%, to finish at $51.15 a barrel.

It had earlier briefly dropped below the $50-a-barrel mark for the first time since May 2009. Brent retreated 3.8% Tuesday.