Futures Movers: Oil prices higher as investors look to U.S. inventory data

Oil futures moved firmly higher on Wednesday as traders continued to weigh the prospect of a supply deal by the Organization of the Petroleum Exporting Countries and looked ahead to U.S. oil inventory data.

Brent crude LCOZ6, +1.73% jumped 82 cents, or 1.6%, to $51.69, its highest level since early June. Light, sweet crude for November delivery CLX6, +1.66% rose 78 cents, or 1.6%, to $49.48 a barrel.

Prices have risen sharply in the last week in the wake of an agreement to lock in a production cut by members of OPEC. While the cartel has lost much of its clout in the oil market as shale oil output in the U.S.

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