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Futures Movers: Oil aims to extend win streak to 4th day

Oil futures advanced Thursday, leaving crude on pace to extend its win streak to four sessions as bulls remained cheered by expectations for stronger demand and efforts by major producers to maintain a cap on output.

West Texas Intermediate oil for October delivery CLV7, +1.30% on the New York Mercantile Exchange rose 61 cents, or 1.2%, to $49.91 a barrel. November Brent crude LCOX7, +0.89% rose 42 cents, or 0.8%, to $55.58 a barrel.

“In short, stronger demand and ongoing supply restrictions from the OPEC and Russia are the main reasons for the oil price upsurge,” said Fawad Razaqzada, analyst at Forex.com, in a Thursday note.

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