Oil futures end with a modest gain as traders continue to weigh talk of output cut

Oil futures settled modestly higher on Tuesday as traders continued to weigh the likelihood of an output-cut agreement later this week between major oil producers. The CME OPEC Watch Tool on Tuesday afternoon pegged the probability of a "small production cut" at the Dec. 6 meeting of the Organization of the Petroleum Exporting Countries at 59.2%, down from 65.4% early Tuesday. January West Texas Intermediate oil CLF9, +0.32% rose 30 cents, or 0.6%, to settle at $53.25 a barrel on the New York Mercantile Exchange after settling 4% higher on Monday.

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