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Oil Close to Two-Month High as Trade War Positivity Hits Markets

  • WTI crude futures posted a second straight weekly advance
  • Yet, OPEC says supply to exceed demand in first half of 2020
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IEA Sees Global Oil Demand Hitting a Plateau Around 2030
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Oil climbed to the highest in nearly two months amid optimism that the U.S. and China are close to locking down a partial trade deal.

Futures jumped 1.7% on Friday in New York, pushing a weekly advance to 0.8% after White House economic adviser Larry Kudlow said late Thursday negotiations between the two countries were coming down to the final stages. That outweighed U.S. government data earlier this week that showed an expansion in crude stockpiles and oil production at record-high levels.