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Oil rises on US-China trade talks, supply cuts

“U.S. West Texas Intermediate (WTI) crude oil futures were at $48.67 per barrel, up 71 cents, or 1.5 percent” writes Jason Reed for cnbc.com. Crude oil inventories rose by 7,000 barrels in the week ending Dec. 28, to 441.42 million barrels.Oil prices rose by more than 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market.OPEC oil supply fell in December by 460,000 barrels per day (bpd), to 32.68 million bpd, a Reuters survey found last week, led by cuts from top exporter Saudi Arabia.
 
Source: cnbc.com



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