Oil Market Update

Oil futures fell on Wednesday after a U.S. government report showed a ninth straight weekly climb in crude supplies, but pared losses late in the trading session to hold ground at a two-week low.

On the New York Mercantile Exchange, crude for delivery in April CLJ5, -0.02%  settled at $48.17 a barrel, down 12 cents, or 0.3%. Price, which traded under $48 for much of the session following the government report, managed to hold ground at their lowest settlement level since Feb. 26.

April Brent crude LCOJ5, +0.42%  on London’s ICE Futures exchange added $1.15, or 2%, to end at $57.54 a barrel.