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Oil set for weekly gain on trade talk optimism


Added 01-11-19 04:04:02am EST - “Markets were still held in check by expectations of an economic slowdown in 2019.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Oil set for weekly gain on trade talk optimism”. Below is an excerpt from the article.

Oil prices were on track for solid weekly gains on Friday after financial markets were lifted by hopes the United States and China may soon resolve their trade disputes, and as OPEC-led crude output cuts tightened supply.

International Brent crude futures were at $61.62 per barrel at 0749 GMT, down 6 cents, or 0.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were 4 cents above their last settlement, at $52.63 per barrel.

Brent and WTI are set for their second week of gains, rising nearly 8 percent and 10 percent respectively.

Markets were being supported by hopes that the trade war between Washington and Beijing may be resolved soon after officials said three-day talks this week concluded constructively and that further negotiations would likely follow this month.

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