Chinese vice commerce minister said Monday that Beijing would like the U.S. to cancel "inappropriate" actions against Chinese companies.China Economyread more
Sixteen Asia Pacific countries have been negotiating the Regional Comprehensive Economic Partnership since 2013, with India's reluctance to open up its markets a major...Asia Economyread more
The secretary of State said he was traveling to Saudi Arabia and the United Arab Emirates to make sure that the U.S. is "strategically aligned" with its allies.Politicsread more
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Goldman Sachs helped state firm 1MDB to raise $6.5 billion in 2012 and 2013, and collected higher-than-typical fees of $600 million for the deals.Financeread more
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Indonesian Trade Minister Enggartiasto Lukita said all 16 countries negotiating a mega Asia-Pacific trade agreement should remain in the framework.World Economyread more
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His comments come after a series of rapid escalations between Washington and Tehran.World Politicsread more
The U.S. is provoking Iran and growing risks of miscalculation could lead to a "world war," according to Malaysia's Prime Minister Mahathir Mohamad.World Politicsread more
Trump's comments come after he called off strikes against the Islamic Republic this week over concerns that a military response would kill scores of people.Politicsread more
* U.S. jobs data feeds hopes for fuel demand
* OPEC+ supply cuts aim to balance market
* U.S. sanctions against Venezuela hit crude exports
* Trump hails trade talk progress but hints at delay
* Coming up: U.S. rig count data at 1 p.m. EST (New throughout, adds jobs data, comments, updates prices, changes dateline to NEW YORK; previous LONDON)
NEW YORK, Feb 1 (Reuters) - Oil prices rose more than 1 percent on Friday, after upbeat U.S. jobs data strengthened expectations for higher fuel demand and on signs that U.S. sanctions on Venezuelan exports have helped tighten supply.
Brent crude oil futures rose $1.21 a barrel, or 2 percent, to $62.05 a barrel by 11:34 a.m. EST (1634 GMT). The international benchmark was on track for a weekly gain of about 0.6 percent.
U.S. West Texas Intermediate (WTI) futures were at $54.65, up 86 cents or 1.6 percent. WTI was headed for a weekly gain of nearly 2 percent.
Oil prices got a boost from Wall Street after surprisingly strong U.S. job growth data fed demand for equities.
Washington imposed sanctions on Venezuela's Petróleos de Venezuela SA this week, keeping tankers stuck at ports. On Friday, the U.S. Treasury Department provided details.
"We are beginning to see the impact to crude supplies from the sanctions on Venezuela. It has driven up domestic crude prices, cutting into refiner margins," Andrew Lipow, president of Lipow Oil Associates in Houston, said.
"That, combined with Saudi cuts and Libyan production declines has changed market sentiment as we appear to be moving towards a better balanced supply situation."
Some U.S. refiners have begun reducing crude processing as the sanctions have boosted oil costs and as gasoline margins crashed to their lowest in nearly a decade, market sources told Reuters on Thursday.
In January, Saudi Arabia pumped 350,000 bpd less than in December, a Reuters survey showed. Supply in November had hit a record-high 11 million bpd.
Of the three OPEC members exempted from making voluntary cuts, Libyan production fell the most as unrest kept the country's biggest oilfield, Sharara, offline for a month.
Financial markets also gained support from comments on Twitter by U.S. President Donald Trump on Thursday, saying he would meet Chinese President Xi Jinping soon to try to resolve a trade standoff. But Trump later warned he could postpone talks if a deal remains elusive. 1/8nL3N1ZV6YD
China's trade delegation said the latest round of talks with the United States made "important progress", state news agency Xinhua reported.
"Many traders recognise that sense is likely to prevail and a deal will be struck after the summit - although the shape of any deal will continue to drive a jittery market," Cantor Fitzgerald Europe said in a note.
But a survey showed China's factory activity shrank by the most in almost three years in January, reinforcing fears a deeper slowdown in the world's second-largest economy could hit fuel demand.
Analysts believe the oil market will be more balanced in 2019 after supply cuts from the Organization of the Petroleum Exporting Countries (OPEC). But U.S. output is the highest on record, raising expectations of abundant supply.
U.S. crude production rose to a new high of 11.9 million barrels per day in November, the Energy Information Administration said on Thursday.
General Electric Co's Baker Hughes energy services firm is set to release weekly U.S. rig count data on Friday at 1 p.m. EST (1800 GMT). (Additional reporting by Noah Browning in London, Henning Gloystein in Singapore and Colin Packham in Sydney; Editing by Dale Hudson and David Gregorio)