Oil rose to above $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China’s services sector expanded in December, while signs of lower crude supply also lent support.
The Organization of the Petroleum Exporting Countries cut crude output in December, a Reuters survey showed, and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories.
Brent crude LCOc1, the global benchmark, was up $1.40 at $57.35 a barrel at 1423 GMT. U.S. crude oil CLc1 was up 81 cents at $47.90.
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