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Futures Movers: Oil prices climb amid signs of strain ahead of OPEC meeting

Oil futures traded sharply higher on Friday, after Iran’s oil minister appeared to oppose a deal to increase crude output at the OPEC summit in Vienna.

August light, sweet crude on the New York Mercantile Exchange CLQ8, +0.99% was recently up 96 cents, or 1.5%, at $66.49 a barrel in the Globex trading session. Brent crude LCOQ8, +1.10% rose 83 cents, or 1.1%, to $73.89 a barrel, after a finishing down 2.3% to $73.05 on Thursday, the lowest level since April 17 for the international benchmark.

Crude futures fell Thursday on hopes Iran was warming to the idea of an output boost.

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