Oil climbed for a fourth-straight session Thursday, with U.S. prices settling at their highest level in more than six weeks, but failing to hold above the key $50-a-barrel level. Recent data showing strong expectations for demand contributed to the price gains, but concerns over rising U.S. crude supplies and production levels remained. October West Texas Intermediate crude rose 59 cents, or 1.2%, to settle at $49.89 a barrel on the New York Mercantile Exchange. That was the highest finish since July 31, according to FactSet data.
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