Futures Movers: Oil lifted by hopes of deal to cap output, fall in U.S. supply

Oil prices gained Wednesday after preliminary data showed a fall in U.S. crude inventories and there was speculation about an output deal between major producers as investors waited for the conclusion of the Federal Reserve’s policy meeting.

Brent crude LCOX6, +1.79% , the global oil benchmark, rose 1.6% to $46.62 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLX6, +1.93% were trading up 2% at $44.91 a barrel.

Prices rose after the American Petroleum Institute, an industry group, said late Tuesday that U.S. crude stockpiles fell by 7.5-million barrels last week.

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