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Futures Movers: Oil prices move up on bets for a ninth straight weekly drop for U.S. crude supplies

Oil futures moved higher Wednesday, buoyed by expectations for a ninth straight weekly drop in U.S. crude supplies and risks to production in Nigeria.

Traders awaited weekly U.S. government data on domestic crude supplies and production, as well as separate, monthly global energy reports due later this week.

February West Texas Intermediate oil CLG8, +0.49% added 28 cents, or 0.4%, to $64.01 a barrel on the New York Mercantile Exchange. Brent crude for March LCOH8, +0.35% the global oil benchmark, rose 20 cents, or 0.3% to $69.35 a barrel on London’s ICE Futures exchange. Prices for both benchmarks had declined Tuesday, dropping from three-year highs as WTI ended 0.9% lower and Brent tanked 1.6%.

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