Futures Movers: Oil prices extend gains after U.S. data shows falling supplies

Oil prices edged up on Wednesday as investors bet that major oil producers will stick to their deal to cut output next year and help rebalance the market.

While trading remained muted ahead of the holidays, crude prices have been bolstered in recent weeks by expectations that the Organization of the Petroleum Exporting Countries and some external producers will stick to a deal to reduce the global oil supply by almost 2%.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG7, +0.62% traded at $53.55 a barrel, up 21 cents, or 0.4%, in the Globex electronic session.

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