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Oil pops 1.2% as U.S. and China agree to phase out some tariffs if deal done

November 7, 2019

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Oil futures finished climbed on Thursday after China and the U.S. agreed to lift existing tariffs if a partial trade deal is struck soon, signaling that trade talks are progressing and providing an upbeat backdrop for crude demand.

West Texas Intermediate crude for December delivery CLZ19, +1.17% rose 67 cents, or 1.2%, to reach $57.02 a barrel on the New York Mercantile Exchange, recovering much of its 1.5% loss on Wednesday.

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