Futures Movers: Oil prices step back as investors cash in on latest rally

Oil prices fell Wednesday as investors took profits on the heels of a rally, but trading remained thin.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG7, +0.37% traded at $53.84 a barrel, down 5 cents in the Globex electronic session. February Brent crude LCOG7, +0.39% on London’s ICE Futures exchange fell 9 cents to $56.74 a barrel.

Most market participants are waiting to see if major oil producers inside and outside the Organization of the Petroleum Exporting Countries will deliver on pledges to curtail production beginning next month.

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