Crude Settles Up 5.2% Following Dip in Output (OIL) (USO)

WTI crude settled 5.2 percent higher to $50.09 per barrel on the Comex. News comes following earlier reports that U.S. production fell last week.

According to the Energy Information Administration, output fell 36,000 barrels per day (bpd) to 9.39 million last week, compared to 9.42 million bpd reported in the prior week. Amid the drop in production, stockpiles rose 4.77 million barrels to 471.4 million, while the Street was looking for an increase of 4.2 million barrels

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