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    Thread: Oil jumps 2% in hopes of reaching a trade agreement between the United States and China

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      Default Oil jumps 2% in hopes of reaching a trade agreement between the United States and China

      Oil jumps 2% in hopes of a trade deal on Wednesday as Brent briefly recorded $ 60 a barrel for the first time since Dec. 17.

      Rising oil prices were supported by hopes that the United States and China were close to reaching an agreement on trade and ending their trade war.

      The two countries concluded three days of negotiations earlier in the day and are reportedly drafting a joint statement on the outcome of the talks.

      Earlier, US President Donald Trump praised progress in talks with Beijing.

      US Commerce Secretary Wilber Ross said there was "a very good chance" that the talks would end in a "reasonable settlement" that would work for both sides.

      Crude oil prices also supported OPEC production cuts as major producers, including Russia and Saudi Arabia, began cutting output significantly.

      †Oil jumps 2% in hopes of reaching a trade deal
      Brent crude for March delivery rose 1.84% to sell at $ 59.83 a barrel at 10:53 am.
      The WTI jumped 2.09% to $ 50.84 a barrel at the same time.


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