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Oil is set for its longest winning streak in 30 years as traders bask in improved US-China sentiment
Stock market wobbles have grabbed all the attention, but oil has had a stunning rally into the new year, helped by signs the trade war is thawing.
Oil prices have dropped to their lowest levels in over a year and its sending a warning to markets about growth prospects for 2019.
Italian oil company Eni said it has made a new oil discovery in offshore Angola.
OPEC+ has agreed to cut production by 1.2 million barrels a day, reducing tensions around crude oil prices after days of fractious discussion in Vienna.
A geopolitical price war rages in the background of OPEC's summit between moderate cuts to production while appeasing President's Trump and Putin.
China fired back after the US-led arrest of a Huawei executive. That sent US futures and global stocks, already jittery on trade-war fears, tumbling.
Qatar has announced it will quit the cartel effective January 1, adding additional bite to proceedings ahead of an OPEC meeting in Vienna on Thursday.
Brent Crude dropped below $60, down 1.6%, after data showed US inventories grew, while Russia indicated it has limited interest in cutting supply.
Oil markets continued to drop Friday as persistent concerns about a glut were exacerbated by weaker economic conditions.
Less than two weeks before US sanctions against Iran kick in, OPEC said the oil market could shift toward a surplus and signaled it would adjust production accordingly if that were the case.