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Oil rises to two-month high on hopes of longer OPEC cuts, U.S.-China trade deal

Oil&Gas Materials 22 November 2019 01:05
Oil prices rose more than 2% on Thursday to the highest
Oil rises to two-month high on hopes of longer OPEC cuts, U.S.-China trade deal

Oil prices rose more than 2% on Thursday to the highest in nearly two months following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020 and fresh signs that China had invited U.S. trade negotiators for a new round of talks, Trend reports citing Reuters.

Brent crude LCOc1 ended the session up $1.57, or 2.5%, at $63.97 a barrel, while West Texas Intermediate (WTI) crude CLc1 settled up $1.57, or 2.8%, to $58.58.

WTI touched a session high of $58.67 a barrel, the highest since Sept. 23 and Brent climbed to a high of $64.03, the highest since Sept. 24.

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