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Oil Rises After Best Week Since June on US-China Trade Optimism

Bloomberg.com · last updated

Oil advanced after notching its biggest weekly advance since mid-June, as optimism increased that the US and China will reach a trade agreement this week that will boost the outlook for demand.

Brent rose above $66 a barrel, after adding 7.6% last week, while West Texas Intermediate traded near $62. Top trade negotiators for the US and China said they came to terms on a range of contentious points, setting the table for leaders Donald Trump and Xi Jinping to finalize a deal and ease trade tensions that have caused concern about demand in the two biggest crude consumers.

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