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U.S. oil futures settle above $60 for first time since mid-September


Saturday, 14 December 2019 02:47 WIB

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Oil futures settled higher on Friday, with U.S. prices above $60 a barrel for the first time since mid-September. Traders digested news of a preliminary phase one U.S.-China trade deal that helped ease worries about the outlook for energy demand.

The question of whether U.S. benchmark crude-oil futures can "break above multi-month resistance in the low $60s will depend on U.S.-China trade relations; a favorable deal with material tariff reductions will be supportive of a move higher in oil, while continued confusion on the status of the deal will keep energy markets capped," said Tyler Richey, co-editor at Sevens Report Research.

January West Texas Intermediate oil rose 89 cents, or 1.5%, to settle at $60.07 a barrel on the New York Mercantile Exchange. For the week, prices rose 1.5%, according to FactSet data.

Source : MarketWatch


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