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Oil prices resume climb toward four-year highs

October 3, 2018

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Oil futures ticked higher on Wednesday, resuming a march to multiyear peaks, ahead of a closely followed inventory report and as investors weighed the effects of global output on Iranian exports due to pending U.S. sanctions.

November West Texas Intermediate crude CLX8, -0.13% the U.S. benchmark contract, edged 4 cents, or less than 0.1%, higher to $75.27 a barrel on the New York Mercantile Exchange, while December Brent LCOZ8, -0.20% rose 18 cents, or 0.1%, to $84.80 a barrel on the ICE Futures Europe exchange. Both contracts have ended higher in three of the past four sessions and looked to resume a climb toward four-year highs after settling in the red on Tuesday.

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