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Oil prices rose once again on Wednes­day, con­tin­u­ing a bull­ish pat­tern this month that has returned prices to March levels—just before Covid-19 began to dam­age the U.S. econ­o­my. The lat­est ral­ly appears to be mak­ing believ­ers out of some for­mer skeptics.

Brent crude futures, the inter­na­tion­al bench­mark, rose 1% to $48.36 per bar­rel. West Texas Inter­me­di­ate futures rose 1.5%, to $45.56. Oil has risen for four days in a row, and is now at lev­els that investors haven’t seen since March. Yet oil stocks—which have surged higher…