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Futures Movers: Oil reverses some losses as investors get ready for OPEC meeting

Oil prices rebounded on the heels of the first losing session in six on Thursday as investors undertake their last positioning ahead of later Thursday’s meeting of the Organization of Petroleum Exporting Countries.

Finalization of an extension to ongoing production cuts is widely expected to be announced, as might an agreement to make output reductions even deeper than they now are in hopes of pushing down still-heavy global stockpiles.

Read:4 potential outcomes for OPEC’s crucial meeting

West Texas Intermediate for July delivery CLN7, +0.86% on the New York Mercantile Exchange recently traded up 40 cents, or 0.8% higher, at $51.76 a barrel in the Globex electronic session.

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