Oil futures settled narrowly lower on Wednesday, with prices paring most of their earlier losses. Members of Organization of the Petroleum Exporting Countries talked about the potential for a crude production ceiling at a gathering ahead of the group's official biannual meeting Thursday, according to The Wall Street Journal. July WTI crude settled at $49.01 a barrel on the New York Mercantile Exchange, down 9 cents, or 0.2%.
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