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Oil rallies nearly 2 percent on China import boost, U.S.-Iran tensions

Reuters  |  NEW YORK 

By Scott DiSavinoNEW YORK (Reuters) - Oil prices on Friday closed at their highest level in October on bullish news from strong Chinese oil imports, U.S. President Donald Trump's decision not to certify that Iran is complying with a nuclear agreement and other tensions in the Middle East.Brent futures gained 92 cents, or 1.6 percent, to settle at $57.17 a barrel, while U.S. crude rose 85 cents, or 1.7 percent, to settle at $51.45 per barrel.That put both contracts at their highest settlements since Sept. 29. For the week, Brent was up almost 3 percent and U.S. was up over 4 percent.Traders ...

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First Published: Sat, October 14 2017. 00:55 IST