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Futures Movers: Oil prices rise as hopes persist for OPEC move on output

Oil prices gained Wednesday, supported by potential production caps by OPEC in November and ahead of a possible decline in U.S. stock levels.

The November contract for global crude benchmark Brent LCOX6, +1.46% was up 1.7% at $46.74 a barrel, while its U.S. counterpart West Texas Intermediate CLX6, +1.12% gained 1.4% to hit $45.31 a barrel.

The likelihood of an agreement on production cuts or a freeze being reached between members of the Organization of the Petroleum Exporting Countries when they sit down in Algiers on Wednesday has faded, but hopes have risen that an agreement can be reached at an official meeting in November.

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