Oil Prices End Higher After Intraday Turnaround

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled modestly higher Thursday, as a report that the Organization of the Petroleum Exporting Countries may extend its production cut agreement with non-OPEC members, helped prices rebound from earlier losses. The news from Reuters was seen as a "bullish development as traders were beginning to have doubts about future compliance among those who agreed to cut production, especially in the face of rising U.S. output," said Tyler Richey, co-editor of The 7:00's Report. March West Texas Intermediate crude rose 25 cents, or 0.5%, to settle at $53.36 a barrel on the New York Mercantile Exchange.

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