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8/16, 8:25 AM (Source: TeleTrader)
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Oil rises 1% as trade and recession concerns ease

Crude futures traded higher on Friday as fears of a recession in the United States eased following the release of positive economic data which showed US retail sales rose by 0.7% in July, while builder confidence in the country also improved. Trade war concerns also subsided somewhat after US President Donald Trump remained confident Washington can still reach a trade deal with China despite recent tensions, claiming Beijing wants an agreement and would not carry out its threats about imposing countermeasures to upcoming US tariffs.

Market watchers will be keeping an eye on the Baker Hughes US weekly rig count due for release later in the day.

International benchmark Brent for settlements in October climbed 1.20% to sell for $58.95 per barrel at 2:12 am ET and West Texas Intermediate (WTI) for September delivery jumped 1.41% to go for $55.24 per barrel at 2:09 am ET.

Breaking the News / NP