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Oil Climbs to Level Last Seen After Saudi Attacks in September

Updated on
  • China, U.S. ink accord that will avert new tariffs on Dec. 15
  • Trump tweets that existing import levies will remain in effect
U.S., China Agree in Principle to Phase-One Trade Deal

Oil settled above $60 a barrel for the first time since missile strikes on Saudi Arabia sparked a record price surge three months ago.

Futures closed 1.5% higher in New York on Friday, buoyed by a partial truce in the U.S.-China trade war that has imperiled demand all year. Chinese officials said the countries agreed to hold off on a new round of tariffs set to go into effect in a matter of days. The bullish momentum was undermined when U.S. President Donald Trump tweeted that existing levies will remain in effect.