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11/7/2019, 6:39 PM (Source: TeleTrader)
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WTI rallies 2% on hints US, China are nearing deal

Oil extended gains on Thursday with West Texas Intermediate (WTI) jumping over 2% amid fresh hopes the United States and China will reach a phase one trade agreement soon.

China's Commerce Ministry noted that the two sides agreed to revoke existing tariffs on each other's products "in the same proportion simultaneously" if a phase one deal is reached and added that Beijing and Washington remain in "constructive" negotiations with the intention to strike a comprehensive agreement.

WTI for settlements in December rallied 2.34% to sell for $57.67 per barrel at 12:27 pm ET and Brent for January delivery rose 1.62% to go for $62.73 per barrel at 12:28 am ET.

Breaking the News / NP