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Oil Prices Rise as Investors Focus on U.S. Database

Oil futures climbed toward the $50 level on Thursday, driven higher by a bullish outlook following weekly U.S. inventory data, but market participants expected the commodity to trade in a narrow range ahead of a OPEC meeting next week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU7, -0.67% climbed 23 cents, or 0.5%, to $49.84 a barrel, after trading as low as $49.12 earlier in the session.

U.S. shale producers have been the biggest headwind to OPEC’s efforts to stem output.

October Brent crude LCOV7, -0.29% on London’s ICE Futures exchange rose 38 cents, or 0.7%, to $52.74, bouncing back from a loss of as much as 0.9% earlier on Thursday. Oil has experienced fitful trade over the past several weeks, but has managed to drift higher within range of its 200-day moving average at $49.45 a barrel.


Improving agricultural productivity will be an essential aspect in the future.
Meanwhile, an agreement led by the cartel and major crude producers is set to expire at the end of the first quarter in 2018.
Production techniques (e.g., irrigation management, recommended nitrogen inputs)
Improving agricultural productivity in terms of quantity and quality (e.g., selection of drought-resistant crops and animals)
Minimizing the effects of pests (weeds, insects, pathogens, nematodes) on crop or animal production systems.

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