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Futures Movers: Oil prices fall with global glut worries in the background

Crude prices headed higher in early Asia trade Thursday buoyed by bargain-hunting, but the recent strong build in U.S. oil product inventories and planned resumption of oil exports by Libya and Nigeria are likely to limit the rise.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October CLV6, +0.18% traded at $43.72 a barrel, up $0.5, or 0.3%, in the Globex electronic session. November Brent crude LCOX6, +0.50% on London’s ICE Futures exchange rose $0.30, or 0.7%, to $46.15 a barrel.

Overnight, oil prices dropped about 3% after the U.S.

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