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Futures Movers: Oil prices regain momentum; U.S. supply data ahead

Oil prices regained momentum Thursday, but the tug-of-war between ongoing supply cuts in the Middle East and increasing production in the U.S., kept prices range-bound.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in April CLJ7, +1.47% traded at $54.04 a barrel, up $0.45, or 0.8% in the Globex electronic session. April Brent crude LCOJ7, +1.47% on London’s ICE Futures exchange rose $0.43, or 0.8%, to $56.27 a barrel.

Prices retreated on Wednesday by around 1.4% after a three-session winning streak, mainly due to technical selling, said Ben Le Brun, a market analyst at optionsXpress.

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