Futures Movers: Oil prices rise on signs OPEC members will stick to output pledges

Oil futures climbed on Wednesday, rebounding slightly from the prior day’s sharp selloff on signs that major oil producers are sticking to their pledge to cut output.

February West Texas Intermediate crude CLG7, +0.06% rose 9 cents, or 0.2%, to $52.41 a barrel, while March Brent LCOH7, +0.02% added 8 cents, or 0.1%, to $55.55 a barrel.

On Tuesday, both contracts staged a sharp reversal from their highest levels in about 18 months to mark their lowest settlement in about two weeks. The selloff came as traders grew anxious about whether members of the Organization of the Petroleum Exporting Countries and other oil producers will scale back output as part of a deal agreed in late 2016.

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