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11/7, 11:20 AM (Source: TeleTrader)
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Oil gains on renewed trade optimism

The price of oil jumped on Thursday as investors' hopes were buoyed by the latest announcement from China regarding the trade accord with the United States.

Beijing and Washington have over the past two weeks agreed to mutually and proportionally phase out existing tariffs, the Asian nation's Commerce Ministry said. The two sides remain in close touch, according to the Ministry, and are working towards reaching a comprehensive agreement.

Meanwhile, OPEC's Secretary-General Mohammad Barkindo noted earlier this week that he is now more optimistic regarding the 2020 outlook as trade developments appear to reduce the need for more substantial output cuts.

West Texas Intermediate for settlement in December advanced 1.12% to go for $57.04 a barrel at 5:16 am ET, while international benchmark Brent for January 2020 delivery gained 1.05% at the same time, selling for $62.44 per barrel.

Breaking the News / GG