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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…