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Oil prices rose on Monday as Washington and China appeared to be moving closer to a trade deal, easing fears over global economic growth prospects.
Brent International crude oil futures were at $ 67.26 per barrel at 05:05 GMT, up 14 cents (0.2%) from their last close. They finished Friday without changing anything after touching their highest level since November 16 at $ 67.73 a barrel.
The WTI (West Texas Intermediate) futures price was $ 57.38 per barrel, up 11 cents (0.2%) from the previous settlement. WTI futures climbed 0.5% Friday, after peaking at $ 57.81 a barrel since November 16th.
"Crude prices continue to be supported with optimism, a trade deal will be concluded in the coming days by the world's two largest economies," said Edward Moya, senior market badyst at OANDA.
President Donald Trump announced Sunday that he would delay the increase in US tariffs on Chinese products scheduled later this week thanks to progress in trade negotiations and said that if progress continued, the Chinese president Xi Jinping and himself would seal an agreement.
Signs of a reduction in the global supply of oil have also supported crude prices.
US energy companies this week reduced the number of oil rigs in operation for the first time in three weeks after US crude oil production reached a record high, pushing exports to record levels their highest level in more than a year.
At the same time, the Mexican company Pemex produced 1.62 million barrels of crude a day in January, less than a month in almost three decades, said Friday the national oil company, highlighting the challenges that must face a government that promises to pump a lot more in a few years.
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