Oil Futures Settle Mixed As Traders Weigh Chances For An Output Deal

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures settled on a mixed note Tuesday, with West Texas Intermediate crude posting a modest gain but Brent crude finishing marginally lower. Traders weighed the likelihood that major crude producers will reach an agreement to stabilize the market at a meeting next week. Expectations for a pact were fading but on Tuesday, Russia reportedly said it would support a one-year deal to cooperate with the Organization of the Petroleum Exporting Countries. October West Texas Intermediate crude rose 14 cents, or 0.3%, to settle at $43.44 a barrel on the New York Mercantile Exchange on the contract's expiration day. November WTI crude , which is now the front month, added 19 cents, or 0.4%, to $44.05. November Brent crude edged down by 7 cents to end at $45.88 a barrel on the ICE Futures exchange.

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