Futures Movers: Oil prices take a breather after hitting nearly 3-week high

Oil futures pulled back on Friday, following a sharp rally in the New York session fueled by rising expectations of a production cut by big oil-producing countries.

Light, sweet crude for March delivery CLH7, -0.60% slid 43 cents, or 0.8%, to $53.35 a barrel, while Brent LCOH7, -0.85% for the same month lost 61 cents, 1.1% to $55.63 a barrel.

Crude prices have been see-sawing between gains and losses in recent weeks, but pushed higher Thursday, closing at their highest finish in nearly three weeks. Traders attributed the rally to technical buying, as well as mounting expectations that the Organization of the Petroleum Exporting Countries and its allies will follow through on their commitment to cut production.

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