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08-Jan2019

Crude oil futures settle higher on US-China trade talks

Crude oil futures ended higher on Monday, buoyed by optimism tied to trade talks between the US and China as well as output reductions by major oil producers. Sentiment got boost as senior officials from China unexpectedly attended negotiations between Beijing and their counterparts in Washington, in an effort to resolve longstanding trade disagreements that have underpinned uncertainty in global markets. Meanwhile, Saudi Arabia plans to cut its crude exports by 800,000 barrels a day from around 7.9 million barrels a day in November, in a move aimed at lifting prices above $80 a barrel.

Benchmark crude oil futures for February gained 56 cents or 1.2 percent to settle $48.52 a barrel on the New York Mercantile Exchange. March Brent crude added 27 cents or 0.5 percent to settle at $57.33 a barrel on London's Intercontinental Exchange.


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