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Futures Movers: Oil prices fall as hopes for freeze agreement fade

Crude oil prices fell in early Asia trade Wednesday, as optimism that major producers would agree to a production freeze agreement ebbed after Iran signalled it has little interest in such a deal.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.58% traded at $46.24 a barrel, down $0.34, or 0.7% in the Globex electronic session. October Brent crude LCOV6, -0.79% on London’s ICE Futures exchange fell $0.47, or 1%, to $48.76 a barrel.

Oil prices rose to a fresh one-month high overnight after news that Russia planned to meet the Organization of the Petroleum Exporting Countries in October, buoyed hopes of a collective cap on output.

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