Futures Movers: Oil prices step back from recent highs

Oil futures pulled back from three-month highs in early Asian trading Tuesday, following a rally fueled by rising optimism over a possible OPEC supply deal.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX6, -0.90% traded at $48.55 a barrel, down 25 cents, or 0.5%, in the Globex electronic session. December Brent crude LCOZ6, -0.84% on London’s ICE Futures exchange fell 19 cents, or 0.4%, to $50.70 a barrel.

Prices eased following a sharp push higher during New York trading hours. The Nymex contract settled at a three-month high of $48.81, while Brent crude rose to $50.89, its highest level since Aug.

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