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Oil set for first annual drop since 2015

Oil prices rose about 2 percent on the final trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut.

Hints of progress on a possible U.S.-China trade deal with U.S. President Donald Trump saying he had a “very good call” with Chinese President Xi Jinping helped bolster sentiment for oil.

Brent crude futures rose $1.04, or about 2 percent, to $54.25 a barrel by 0740 GMT. Brent declined nearly 19 percent in 2018 following two years of growth.

Reuters [1]

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Craig Erlam

Craig Erlam [14]

Senior Currency Analyst at OANDA [15]
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.