Oil futures suffers first loss in 4 sessions

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Oil futures fell Thursday to mark their first loss in four sessions. “Oil has enjoyed a remarkable recovery this week” but was finally “running out of steam, with profit taking seemingly kicking in,” said Craig Erlam, senior market analyst at Oanda. Prices had fallen to a point “where urgent action was looking necessary, but the bounceback [for prices] this week takes the pressure off” OPEC+ to ease production, at least until the group’s technical committee meeting later this month, he said. December West Texas Intermediate crude fell 36 cents, or 0.9%, to settle at $38.79 a barrel on the New York Mercantile Exchange.
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