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Oil defies trade fears as prices rise on tight supply

The Address | Benghazi – Libya

NEW YORK – Oil prices rose on Tuesday, supported by tighter global supplies that have helped to offset persistent worries that demand will be hurt by the continuing U.S.-Chinese trade conflict.

Brent crude rose by 5 cents, or 0.1%, to $70.16 a barrel. U.S. West Texas Intermediate (WTI) was up 50 cents, or 0.8%, at $59.12.

U.S. crude futures were trading for the first time since Friday after a long holiday weekend.

Investors, however, remain concerned that the trade war between the United States and China could hit the global economy and dent fuel consumption.

Brent futures last week registered a decline of 4.5% and WTI was slid by 6.4% for its biggest weekly loss since December.

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