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Stock Futures Climb on Hopes for OPEC Freeze

Stock futures edged higher on Wednesday, recovering from a selloff a day earlier, as crude oil spiked on hopes of a production freeze among major oil-producing countries.

S&P 500 futures were up 0.18%, Dow Jones Industrial Average futures climbed 0.15%, and Nasdaq futures added 0.21%.

Crude oil rallied on Wednesday after Kuwaiti governor for the Organization of Petroleum Exporting Countries, Nawal Al-Fuzaia, said a deal could be reached when members meet in Qatar on April 17. Hopes over a possible deal among members have faded recently as Iran suggested it would not participate in a deal until it has reached pre-sanction production levels.

Oil was also higher after the latest weekly read from the American Petroleum Institute showed that U.S. inventories fell by 4.3 million barrels in the past week. Analysts had expected an increase of 2.9...