Oil up 1 pct on OPEC cuts, hopes of easing Sino-U.S. trade tensions::

Oil prices rose by 1 percent on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply.

A report by the Wall Street Journal on Thursday saying that Washington was considering lifting some or all tariffs imposed on Chinese imports also buoyed financial markets, including oil, analysts said. West Texas Intermediate (WTI) crude futures CLc1 were at $52.70 per barrel at 0605 GMT, up 63 cents, or 1.2 percent, from their last settlement.

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