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Oil Gloom Turns to Boom as the Market’s Worst Fears Fade Away

October 27, 2020 by

The shift in sentiment culminated with the global benchmark closing at its highest in eight weeks on Friday after China was said to propose a ramp-up in imports from the U.S. to end a trade war between the world’s two largest economies. Signs from the U.S. Federal Reserve that it won’t rush to raise interest rates have also spurred investors to reverse bets that oil would fall while the dollar would rise.

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