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Futures Movers: Oil prices up, but analysts say market has little to keep fueling momentum

Crude oil prices clawed back minor gains in early Asia trade Tuesday following an overnight decline but trading is expected to be muted now that the market has priced in a potential production cut.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX6, +0.92% traded at $50.25 a barrel, up $0.31, or 0.6%, in the Globex electronic session. December Brent crude LCOZ6, +0.78% on London’s ICE Futures exchange rose $0.28, or 0.5%, to $51.80 a barrel.

Oil futures fell overnight amid growing signs it will be difficult for the Organization of the Petroleum Exporting Countries members to cap future production by 1%-2%, a goal that the group agreed upon in September.

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