Oil Settles With a Narrow Loss On Talk Of a Potential OPEC Output Cap

By Myra P. SaefongMarketsMarketWatch Pulse

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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