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© Reuters. Oil grows by more than 2% to reach its highest level in 2019, under the effect of a supply shortfall
NEW YORK (Reuters) – Oil rose more than 2 percent on Friday, reaching its highest level this year after the partial closure of a crude oil deposit in Saudi Arabia.
Global futures contracts closed the session high at $ 1.68, or 2.6%, to settle at $ 66.25 a barrel, its highest level since November.
US WTI futures contracts gained $ 1.18, or 2.2%, to close at $ 55.59 per barrel and gains in subsequent settlement transactions reached a record $ 55.80 this year.
The Brent ended the week with gains of more than 6%, while the US crude has grown more than 5%, partly due to a lack of supply since the Organization oil exporting countries and its allies at the head of Russia began voluntarily reducing their production last month.
The supply of crude also limits US sanctions on Venezuelan and Iranian oil and a drop in Libyan production due to unrest in this country of North Africa.
Prices were also buoyed by growing confidence that the US and China will come to a resolution of their trade dispute. Negotiations between the two countries will resume in Washington next week and both sides said their negotiations this week in Beijing have progressed well.
(Prepared by Wajdi Al-Alfi for Arabic)
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