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Oil rises for third day as US-China trade, OPEC cheer investors


Thursday, 14 February 2019 19:58 WIB

Minyak WTIMinyak jenis Brent


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Oil rose for a third day on Thursday to reach its highest so far this year as financial markets drew support from investor optimism that the United States and China could resolve their trade dispute.

The price of crude has risen 20 percent this year, driven primarily by the prospect of a decline in oil supply from OPEC and other top exporters such as Russia.

Brent crude futures were up 95 cents at $64.56 a barrel by 1007 GMT, down from a session high of $64.81, while U.S. crude futures rose 56 cents to $54.46 a barrel.

The Organization of the Petroleum Exporting Countries and allies such as Russia and Oman have agreed to cut crude output by a joint 1.2 million barrels per day, 800,000 bpd of which will come from OPEC.

Source: CNBC


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