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Futures Movers: Oil prices build on rebound amid production-cap talk for Libya, Nigeria

Oil futures were building on rebound action Tuesday, amid talk that Nigeria and Libya might face production caps, fueling optimism that global supply growth could slow if the two African producers are restrained.

Both are members of the Organization of the Petroleum Exporting Countries but exempt from the group-led agreement to cut global output by 2%. The exemption was to allow their production to rebound following years of fighting between the countries’ governments and local insurgents blunted oil output. In recent months, production has risen strongly, offsetting some one-third of the cuts made so far this year as part of the agreement.

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