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Oil turns negative ahead of US inventory data

December 27, 2019

Oil prices retreated from three-month highs on Friday, moving lower despite upbeat economic data from China and the United States and optimism over a trade deal between the two major economies.

Brent crude futures shed 29 cents to trade at $67.63 per barrel, after previously rising as high as $68.10, the highest since September. The West Texas Intermediate contract fell 35 cents, or 0.6%, to $61.32 per barrel.

Volume of oil trade remained thin in the Christmas holidays and New Year breaks.

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