Futures Movers: Oil futures gain for the month, but slip lower for the quarter

Crude-oil futures eased in early Asia trade Friday as investors cashed in their recent gains amid skepticism that the Organization of the Petroleum Exporting Countries would carry out a production cut deal it tentatively agreed to on Wednesday.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX6, -0.77% traded at $47.50 a barrel, down $0.33, or 0.7%, in the Globex electronic session. November Brent crude LCOX6, -0.77% on London’s ICE Futures exchange fell $0.38, or 0.7%, to $48.86 a barrel.

Oil prices have risen more than 7% over the past two sessions after OPEC caught the market off guard by agreeing to a preliminary pact to slash the group’s output between 32.5 million barrels a day and 33 million barrels a day, down from the levels of 33.2 million barrels a day in August.

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