Futures Movers: Oil prices climb over 1%, rebounding from latest bout of selling

Oil prices rebounded amid some bargain-hunting after a fresh slide overnight to one-month settlement lows.

Futures rose steadily Friday, with global benchmark Brent erasing the decline logged overseas Thursday. June Brent on London’s ICE Futures exchange LCOM7, +0.27% was recently up 60 cents, or 1.2%, to $52.05 a barrel while light, sweet crude on the New York Mercantile Exchange CLM7, +0.59% rose 59 cents, or 1.1%, to $49.56 a barrel in the Globex electronic session after falling 1.3% a day earlier.

Pressuring the market anew Thursday were continued doubts about whether ongoing production cuts led by the Organization of Petroleum Exporting Countries are enough to eliminate the ongoing glut of oil in global stockpiles.

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