On Monday and Tuesday, oil prices declined as traders awaited more clues concerning global trade with WTI down 0.44 dollar and Brent crude down 0.45 dollar, respectively.
The major influence was the renewed speculation that the U.S. and China may be about to do a trade deal - or at least the first part of a deal.
WTI closed the week at 57.72 USA dollars a barrel on the New York Mercantile Exchange, while Brent crude for January finished the week at 63.30 dollars a barrel on the London ICE Futures Exchange.
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The contract rose 1.3% last week. "China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for", Margaret Yang, an analyst at CMC Markets, said.
Oil rose on Friday as comments from a top USA official raised optimism for a U.S.
Chinese state media Xinhua reported that Chinese Vice Premier Liu He discussed a partial deal with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer in a phone call on the weekend.
Despite the fall in oil rigs, daily US production hit a record high of 12.8 million barrels, according to the US Energy Information Administration. - that's up around 11% in the past year.
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In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely watched lending rate on Monday, the first such cut in more than four years.
The Organisation of the Petroleum Exporting Countries and its allies face stiff competition in 2020, the International Energy Agency has said, adding urgency to the oil producer group's policy meeting next month.
It was the IEA's last monthly report before the December 5 to 6 talks among OPEC states and partners led by Russian Federation on whether to maintain supply curbs aimed at buoying prices and balancing the market. The total count is now 674, the lowest since April 2017.
Oil prices have kept gaining momentum since the start of the year due to some geopolitical concerns and the OPEC's decision of production cut.
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Money managers raised their net long U.S. crude futures and options positions by 39,995 contracts to 169,386 in the week to November 12, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.