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Oil Rises to Six-Week High Amid U.S.-China Trade Deal Optimism

  • Cushing supply rose by 1.25 million barrels last week: API
  • West Texas Intermediate, Brent advance for third session
U.S. Refiners Could Be Forced To Slow Production As Gasoline Profits Drag
Photographer: Angus Mordant/Bloomberg
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Crude climbed to the highest level in six weeks as investors remained optimistic that the U.S. and China are moving closer to signing a trade deal.

Futures rose 1.2% in New York on Tuesday. Prices held up after the American Petroleum Institute reported that U.S. stockpiles rose 4.26 million barrels last week, according to people familiar. China is reviewing locations in the U.S. where President Xi Jinping would be willing to meet his counterpart Donald Trump to sign the first phase of a trade deal, according to people familiar with the plans.