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1/16, 4:11 PM (Source: TeleTrader)
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Oil inches higher as traders assess trade deal effects

Crude prices ticked higher on Thursday as the sense of cautious optimism dominated investor sentiment following the signature of the US-China phase one trade accord.

Although China pledged to purchase around $50 billion of American energy products over the course of the next two years, the document failed to specify what those products would be. Shale producers in the US remain hopeful that a higher Chinese demand would reflect on their profits.

West Texas Intermediate crude for February settlement was up 0.17% to $58.12 a barrel at 9:53 am ET following yesterday's session which saw the spot-month contract settle at the lowest reading since December 4. Meanwhile, Brent for March delivery added 0.28% at 9:54 am ET, going for $64.47 per barrel, after finishing yesterday's session at the lowest level since December 11.

Breaking the News / GG