Oil climbed as investors assessed the impact on global crude flows after a ship ran aground and blocked the Suez Canal, following a sell-off on Tuesday, reports Yahoo Finance.
Markets reprieveCrude was also bolstered by positive economic data as Europe posted a record increase in factory output.
Futures in New York added as much as 3.4% after a ship ran aground, giving the market a reprieve after prices sank to the lowest level since early February.
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