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Futures Movers: Oil hemmed in near 3-week low by worries over high stock levels

Crude oil prices steadied on Friday after slumping to a three-week low overnight, but pressure from increasing U.S. production and hefty global stocks are expected to constrain prices.

Brent crude LCOK7, +0.33% , the global oil benchmark, rose 0.3% to $55.26 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLJ7, +0.21% were trading up 0.2% at $52.70 a barrel.

Oil prices dropped more than 2% on Thursday, dragged by the latest expansion in U.S. stockpiles and production. The rises exacerbated concerns that the market is still oversupplied despite ongoing output cuts by the Organization of the Petroleum Exporting Countries and other producers outside the cartel, including Russia.

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