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Futures Movers: Oil remains lower after OPEC confirms large output drop

Oil futures briefly trimmed losses but were unable to get a lasting bounce from data that showed that members of the Organization of the Petroleum Exporting Countries are largely complying with a closely watched deal to cut output.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH7, -0.78% were down 39 cents, or 0.7%, to $53.47 a barrel, while April Brent crude LCOJ7, -0.97% on London’s ICE Futures exchange lost 48 cents, or 0.9%, to $56.21 a barrel.

Both contracts briefly trimmed losses after OPEC said members last month delivered more than 90% of the production cuts that were agreed late last year in an effort to rebalance the oil market.

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