Futures Movers: Oil futures move higher as market continues to weigh up OPEC deal

Oil futures reversed losses from Asian trading hours and turned higher on Monday, as traders continued to weigh the prospects for last week’s preliminary agreement to limit production by the Organization of the Petroleum Exporting Countries.

Light, sweet crude for November CLX6, +1.04% delivery rose 49 cents, or 1%, to $48.72 a barrel in the Globex electronic session on the New York Mercantile Exchange. Brent crude for December delivery LCOZ6, +1.18% rose 56 cents, or 1.1%, to $50.75 a barrel.

Crude prices pushed sharply higher last week following an informal meeting in Algiers by members of OPEC, in which oil ministers struck a preliminary agreement to cut output to between 32.5 million and 33 million barrels a day.

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