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Futures Movers: Oil prices slammed as U.S. crude supply rises

Crude futures eased on Friday, caught between larger-than-expected growth in U.S. crude stocks and reports that the Organization of the Petroleum Exporting Countries could consider extending its production cuts beyond the six-month deal.

On the New York Mercantile Exchange, West Texas Intermediate futures CLH7, -0.51% were dropped 34 cents, or 0.6%, to $53.03 a barrel. Brent crude, the global oil benchmark LCOJ7, -0.56% , fell 43 cents, or 0.8%, to $55.22 a barrel on London’s ICE Futures exchange.

Oil prices have traded within a tight range since the start of the year, with investors monitoring the extent to which OPEC members have reduced production.

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