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Futures Movers: Oil prices rise as investors focus on U.S. data

Oil futures climbed toward the $50 level on Thursday, driven higher by a bullish outlook following weekly U.S. inventory data, but market participants expected the commodity to trade in a narrow range ahead of a OPEC meeting next week.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU7, +0.48% climbed 23 cents, or 0.5%, to $49.84 a barrel, after trading as low as $49.12 earlier in the session.

October Brent crude LCOV7, +0.73% on London’s ICE Futures exchange rose 38 cents, or 0.7%, to $52.74, bouncing back from a loss of as much as 0.9% earlier on Thursday.

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