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Futures Movers: Oil prices mixed as traders eye signals on global crude output

Oil ended lower Tuesday amid concerns about further growth in U.S. output, but signs that Saudi Arabia and Russia are sticking to their pledge to cut crude production kept losses in check.

May West Texas Intermediate crude CLK7, -0.19% fell 24 cents, or 0.5%, to settle at $52.41 a barrel on the New York Mercantile Exchange, with prices logging their lowest finish since April 7, FactSet data show. In London, June Brent crude LCOM7, -0.98% on the ICE exchange fell by 47 cents, or 0.9%, to $54.89 a barrel.

“We may find that any U.S. increases [in production] will be insufficient if OPEC extends cuts,” Phil Flynn, senior market analyst at Price Futures Group, told MarketWatch.

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