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Oil rallies on Chinese import boost and Mideast tensions

“Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a more than 3 percent weekly gain” reports foxbusiness.com. Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed on Friday.Imports averaged 8.5 million bpd between January and September, solidifying China’s position as the world’s biggest oil importer.”U.S. sanctions could cut off a lot of Iranian oil trade finance,” FGE President Jeff Brown told Reuters this week.Later on Friday, U.S. President Donald Trump is expected to announce that he will not certify the 2015 Iran nuclear deal.
 
Source: foxbusiness.com



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