Futures Movers: Oil prices climb for 2nd day as OPEC report shows production drop

Oil prices rose for a second straight session on Tuesday, buoyed by the latest OPEC report that showed oil production from the cartel fell last month.

The Organization of the Petroleum Exporting Countries said in its closely watched monthly report that output in August fell by 79,000 barrels a day to 32.76 million, driven mainly by a decline in Libya, Gabon, Venezuela and Iraq. Production has been on the rise over the summer, raising concerns OPEC’s deal to cut output wasn’t working.

Saudi Arabia—OPEC’s most influential member—has been debating whether to extend the cartel’s production accord after it expires in March 2018.

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