Boosted by OPEC production restriction agreement or extension and Sino US trade

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      Oil prices rose more than 2% on Thursday, the highest level in nearly two months. According to the Reuters report, OPEC and its allies may extend the production limit to the middle of 2020, while there are new signs in trade. China has invited us trade negotiators for a new round of negotiations.
Brent crude oil rose $1.57, or 2.5%, to $63.97 a barrel, while US crude oil futures rose $1.57, or 2.8%, to $58.58 a barrel.
US crude oil futures hit a session high of $58.67 a barrel, the highest level since September 23, while Brent crude oil futures also rose to the highest level since September 24 of $64.03 a barrel.
According to OPEC sources, in order to support oil prices, OPEC and its allies may extend the oil production restriction measures to June next year when they meet next month.
On December 5, OPEC will hold a meeting at its headquarters in Vienna, followed by OPEC + talks with other oil producing countries led by Russia. The current oil supply reduction agreement will last until March 2020.


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