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Futures Movers: Oil re-enters bear market on renewed glut fears

Crude-oil prices kicked off August in choppy trade as the persistent glut in crude and refined oil in the world continued to exert pressure on prices.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, +0.29% at $41.75 a barrel, up $0.14 in the Globex electronic session. The October contract LCOV6, +0.51% of Brent crude on London’s ICE Futures exchange gained $0.18 at $43.71 a barrel after the initial decline at the start of the session.

“The market is usually more volatile and erratic ahead of the expiry of a contract as traders are eager to rebalance their books by covering their long or short positions,” said Aaron Lynch, a market analyst at OptionsXpress.

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