New York—May crude futures on the New York Mercantile Exchange settled $1.25 higher at $49.66/barrel March 31 as oil prices received late-day support from a combination of surging equity markets and the expiration of the April products contract.The front-month crude contract fell to an intra-day low of $47.77/b following the start of open outcry on NYMEX, but equity gains reversed crude prices to the upside late in the session.
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