10/16, 6:32 PM (Source: TeleTrader)
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Oil trades higher after 2-day losing streak

Crude prices moved higher on Wednesday, posting modest gains for the week so far amid demand concerns.

Still, prices saw some support from the Organization of the Petroleum Exporting Countries (OPEC). OPEC Secretary-General Mohammad Barkindo signaled this week the cartel and allied producers might be ready for deeper cuts in oil production.

International benchmark Brent for settlement in December climbed 1.38% to $59.57 per barrel at 12:17 pm ET, while West Texas Intermediate futures for November delivery jumped 1.53% to $53.62 per barrel.

Breaking the News / JC