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Oil Climbs to Two-Week High on U.S.-China Trade Talk Hopes

  • Trump says U.S., China to talk about trade on Thursday
  • Stockpiles at key U.S. storage hub at lowest since Dec. 2018
$32 Million Permian Ranch Auction Shows Water Is the New Oil
Photographer: Sergio Flores/Bloomberg
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Oil rose to a two-week high on signals that talks may resume between the U.S. and China, rekindling hopes trade tensions will ease.

Futures in New York climbed 1.7%, advancing for the third consecutive day. President Donald Trump said talks were planned sometime Thursday with China after Beijing said it won’t immediately retaliate against the latest U.S. tariff increase. That has fueled speculation that planned trade discussions for September could go ahead as scheduled, paving the way for tensions to ease.