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Futures Movers: Oil prices nudge higher, but analysts see quiet times ahead

Oil prices edged higher Tuesday amid lower trading volumes, as the August price rally lost momentum, with crude hovering around $47 to $50 a barrel.

The October contract for global benchmark Brent LCOV6, +0.69% was up 0.35% at $49.43 a barrel, while U.S. counterpart West Texas Intermediate CLV6, +0.77% was up 0.4% at $47.17 a barrel.

Monday’s bank holiday in the U.K. cut into trading volumes for both benchmarks. A similar holiday taking place this weekend in the U.S. means that some observers expect the markets to remain stagnant until next week.

“Technical momentum is stalling and there are no obvious signs out there that suggest prices will change that much in the next week,” Olivier Jakob from the Switzerland-based Petromatrix said.

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