Oil futures post a third straight gain, buoyed by a weekly drop in U.S. crude supplies

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Oil futures posted a third straight gain on Wednesday, getting a boost from a weekly drop of 8 million barrels in U.S. crude supplies. Traders also awaited the outcome of the U.S. presidential elections and weighed prospects for a delay to OPEC+ production-cut curbs set to begin in January. There are obviously “vastly different energy policies” between President Donald Trump and Democratic challenger Joe Biden, so “we’ll have to wait and see how it turns out,” Marshall Steeves, energy markets analyst at IHS Markit, told MarketWatch. “Also, OPEC+ is gravitating toward a rollover of some duration in their production cuts into Q1 of 2021.” Against this backdrop, December West Texas Intermediate crude rose $1.49, or 4%, to settle at $39.15 a barrel on the New York Mercantile Exchange.
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