Oil prices fall following weekly gains

0 Comment(s)Print E-mail Xinhua, November 19, 2019
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NEW YORK, Nov. 18 (Xinhua) -- Oil prices retreated on Monday, paring last week's gains, as investors remained wait-and-see and continued to observe real-time developments regarding global trade.

The West Texas Intermediate for December delivery lost 0.67 U.S. dollar to settle at 57.05 dollars a barrel on the New York Mercantile Exchange.

Brent crude for January delivery erased 0.86 dollar to close at 62.44 dollars a barrel on the London ICE Futures Exchange.

Oil prices eked out gains on Friday after data showed U.S. Oil rig count fell during the week.

The number of active drilling rigs in the United States decreased by 11 to 806 last week, down 276 compared to the same period last year, according to the weekly data released by Baker Hughes on Friday.

Chinese Vice Premier Liu He held a phone conversation at the request of U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Saturday morning. During their talks, the two sides had constructive discussions on each other's core concerns in the "phase one" deal, and agreed to maintain close communication. Enditem

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