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Oil set for biggest weekly gain in two years on growing optimism


SINGAPORE: Oil headed for its biggest weekly gain in more than two years as the OPEC+ coalition’s commitment to cut output and signs the U.S. and China will be able to defuse their trade war aided sentiment.

Futures have advanced more than 9 percent this week as the Saudi-led producer coalition pledged Thursday to keep markets in balance. That came after three days of trade talks between the U.S. and China increased optimism the two sides can reach a deal, which should boost flagging global growth.

Oil & Gas

   

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