Futures Movers: Brent crude tries to hold above $50 level as oil prices waver

Oil prices on Thursday switched between small gains and losses, as worries about growing global inventories warred against bullishness tied to the latest bigger-than-expected reduction in U.S. crude stockpiles.

Brent crude briefly traded above $50 a barrel for the first time since early July, but then slipped back below that key level.

On the New York Mercantile Exchange, crude futures for delivery in September CLU6, +0.58% traded at $47.08 a barrel, up 29 cents, or 0.6%. October Brent crude LCOV6, -0.10% on London’s ICE Futures exchange gained 7 cents, or 0.1%, to $49.92 a barrel, after earlier climbing as high as $50.05.

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