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10/22, 3:53 PM (Source: TeleTrader)
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Oil rises on US-China trade deal optimism

The price of crude rose on Tuesday as the United States and China signaled progress in trade talks, raising prospects of the phase-one trade deal to be signed next month. Earlier, reports emerged that Beijing decided to exempt domestic buyers from tariffs on 10 million tons of soybeans from the US, a day after President Donald Trump stated that the trade agreement is "coming along great."

However, prices of oil were somewhat pressured by analysts' forecasts who are predicting a sixth consecutive week of buildup in US crude stockpiles. Private data from the American Petroleum Institute will be published tonight, while the official data will be released tomorrow.

West Texas Intermediate for December delivery gained 1.03%, to go for $54.20 per barrel at 9:51 pm ET, while the international benchmark Brent advanced 0.90% at the same time, changing hands for $59.61 a barrel.

Breaking the News / GG