Oil Pares Weekly Advance as Technical Traders Eye $60 Threshold
- Trade talks, dropping U.S. inventories fueled earlier increase
- New York-traded futures on track for best December in 17 years
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Oil erased almost an entire week of advances as chart-watching traders tested a key price barrier.
Futures in New York fell 1.2% on Friday, a day after closing at a three-month high. Selling accelerated after a foray above $61 a barrel petered out, a bearish technical signal. The next key threshold is at the $60 level, traders said.