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Futures Movers: Oil futures end at 3-week low, but gain 7.5% on month

Oil futures marked their lowest finish in nearly three weeks Wednesday after a U.S. government report revealed a bigger-than-expected weekly increase in crude inventories.

Domestic production, meanwhile, showed a decline and with some in the market holding out hope that major oil producers will take action to stabilize the market, oil prices managed to keep a sizable gain for the month.

October West Texas Intermediate crude CLV6, -3.30% fell $1.65, or 3.6%, to settle at $44.70 a barrel on the New York Mercantile Exchange. The settlement was the lowest since Aug. 12. Tracking the most-active contracts, prices saw a monthly gain of roughly 7.5%, according to FactSet data—the largest since April.

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