Futures Movers: Oil inches lower as traders look to OPEC to further tighten global supplies

Oil prices inched lower Thursday after settling at a nearly five-month high a day earlier, as traders looked to the production-cut agreement led by OPEC to further tighten global crude supplies.

The market also weighed data from a U.S. government report released Wednesday, which showed a larger-than-expected weekly rise in domestic crude supplies and a sizable climb in production. The data, however, also revealed that petroleum-product inventories dropped more than expected and refinery activity has improved as the Gulf of Mexico region recovers from Hurricane Harvey.

U.S. benchmark November West Texas Intermediate crude CLV7, +1.64% lost 8 cents, or 0.2%, to $50.61 a barrel on the New York Mercantile Exchange after tapping a high of $50.79.

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