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Oil Prices Close in on $50 a Barrel in U.S.


Nymex Crude Pares Gains on Larger-Than-Expected Storage Build

(More to come)


NEW YORK—Oil prices gained Wednesday after an industry trade group reported an unexpected drop in U.S. crude supplies and government forecasters called for stronger global demand growth.

Oil prices traded in a narrow range in September as investors assessed how long the global glut of crude oil—which sent prices plunging in the past year—would persist. While production has started falling in the U.S., supporting prices, robust output from other areas and ongoing concerns about consumption kept prices subdued last month.

In addition, traders were cautious about piling into the market because oil demand...