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United States : Oil rises again but global economic concerns cap gains

Jan 11, 2019 (Euclid Infotech Ltd via COMTEX) --

Crude prices edged higher on Thursday, supported by comments from the US Federal Reserve chairman that lifted equity markets, but a more than week-long oil rally slowed as optimism surrounding US-China trade talks faded.

Brent crude futures rose 24 cents, or 0.4 per cent, to settle at US$61.68 a barrel. The global benchmark posted its first consecutive nine-day winning streak since September 2007.

West Texas Intermediate crude ended 23 cents, or 0.4 per cent, higher at US$52.59 a barrel, also its ninth straight day of gains, that beats a 2010 record.

Earlier in the session, both benchmarks hit their highest in nearly a month. WTI hit a session high of US$52.78 per barrel and Brent rose to US$61.91 a barrel.

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