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WTI settles at two-month high of $53.80/bbl
OPEC output declines, progress in US/China trade talks boost market
The WTI front-month contract rose $2.21, or 4.3%, last week to settle at a two-month high of $53.80/bbl on Friday. The market was encouraged by signs that OPEC output is declining and US/China trade tensions may be easing. Fears of a global economic slowdown are still tempering prices, as are growing US petroleum inventories. On Monday, Jan. 14, WTI started the week by falling $1.08 to $50.51/bbl on negative Chinese economic data. Unexpected declines in Chinese imports and exports during December weighed......
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