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Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 5, 2018. Benjamin Lowy | Getty Images News | Getty Images Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day’s boost from growing expectations of a U.S.-China trade deal. Brent crude futures for January rose 84 cents to $62.53 a barrel , erasing earlier losses and reaching peaks last seen on Sept. 27. December U.S. crude futures also swung back into positive territory, up 67 cents at $56.88 a barrel. Chinese President Xi Jinping and U.S. President Donald Trump have been in continuous touch through “various means”, China said on Monday, when asked when and where the two leaders might meet to sign a trade deal. On Friday prices jumped by about $2 a barrel after U.S. officials said a deal could be signed this month. “For all of Friday’s feel-good factor, there is no guarantee that they will put pen to paper before the end of the year. This could be problematic, given that U.S. tariffs planned for Dec. 15 remain on the table,” PVM analysts said in a note. Capping gains, […]
