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Oil futures finish slightly higher, as traders await outcome of OPEC+ committee meeting

Oil futures finished slightly higher on Tuesday, with traders awaiting outcome of Wednesday’s OPEC+ Joint Ministerial Monitoring Committee meeting as well as this week’s updates on U.S. petroleum supplies. Some analysts said the committee meeting may result in a recommendation to taper the size of current crude production cuts of 9.7 million barrels per day. Meanwhile, a report from Energy Information Administration due Wednesday morning is forecast to show a weekly decline of 2.1 million barrels in U.S. crude supplies, according to an S&P Global Platts survey of analysts. August West Texas Intermediate oil rose 19 cents, or 0.5%, to settle at $40.29 a barrel on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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