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Oil turns up after news of China’s initiative to negotiate trade issues with U.S.

Prices of oil today reclaimed a part of yesterday’s falls on a statement from China that said it would attempt to reconcile trade disagreements between them and the U.S. and it prepared a delegation for a visit to Washington.

Photo: Reuters

Brent futures moved up to $71.03 for a barrel, showing growth by 27 cents compared to the previous settlement.

U.S. WTI futures slightly rose to $65.06 per barrel, inching up 5 cents, as its growth was restricted to an extent by expanding U.S. output and storage volumes.

In yesterday’s session the two benchmarks receded over 2%.


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