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Oil prices edge higher but kick off August on an unsteady note as traders brace for OPEC+ output boost

August 3, 2020


Oil futures began August wavering between modest gains and losses early Monday, with OPEC and its allies scheduled to relax curbs on output against a backdrop of nervousness over rising COVID-19 cases.

West Texas Intermediate crude for September delivery CL.1, 0.77% added 24 cents, or 0.6%, to $40.51 a barrel on the New York Mercantile Exchange, while October Brent crude BRN00, 0.41% picked up 26 cents, or 0.6%, to $43.80 a barrel. Both benchmarks have rebounded off their early lows on Monday.

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