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1/14, 3:27 PM (Source: TeleTrader)
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Oil gains as US, China gear up to sign trade deal

Oil broke a five-day losing streak on Tuesday, with Brent futures gaining over 1% as traders' hopes were propped up by the impending signature of the historic phase one trade accord between Washington and Beijing.

An earlier report offered new details about the trade agreement that has thus far been kept secret, indicating that China would in the next two years ramp up the purchase of energy supply by $50 billion, signaling a steadier demand in the year ahead.

At 9:11 am ET, West Texas Intermediate futures for February delivery gained 0.71%, changing hands for $58.52 per barrel, while Brent futures for March settlement rose 1.03% going for $64.89 per barrel at 9:13 am ET.

Breaking the News / GG