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Oil Climbs to Three-Month High on Supply Curbs and Trade Talks

  • Trump said to consider pushing back deadline for tariff hikes
  • WTI futures rise Monday after 5.4% advance last week
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Oil Near Three-Month High on Trade Optimism and Supply Curbs
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Oil advanced to the highest in almost three months as the world’s biggest economies prepare to continue negotiations this week after President Donald Trump was said to consider pushing back the deadline for tariff hikes.

Futures in New York on Monday rose to the highest intraday level since Nov. 20, after advancing 5.4 percent last week. The U.S. and China sent signals after last week’s talks in Beijing that the two sides may be approaching a deal, raising hopes that the nations’ trade war will ease. Prices were also supported as Saudi Arabia pledges to cut its crude output beyond the level agreed with OPEC+ producers.