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Crude oil prices trade higher on prospect of trade deal and Brexit plan

Crude oil prices posted modest gains in yesterday’s trading as risk appetite picked up during the New York session. WTI crude CFD prices opened at $58.82 and rallied to an intraday high of $59.66 on optimism that a US-China trade deal may be inked soon. By the day’s close, crude oil prices had settled at $59.15.

The commodity was able to pare some of the losses it incurred on Wednesday after the Energy Information Administration (EIA) report on inventories. Data showed that crude oil in storage for commercial use was up by 800,000 barrels. It was expected to show a 2.9 million barrel-deficit for the week ending on December 6. This had a bearish effect on crude oil prices as the number hints that demand is unlikely to pick up soon given the surplus in storage.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.