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Oil prices hiked on Thursday, buoyed by the hopes of improvement in the global economic outlook. The market awaits positive outcomes from the ongoing Sino-US tariff talks. WTI went up by 0.5%, to $54.15 per barrel. Brent increased by 0.5%, to $63.90 a barrel. According to a report by IEA, the crude market will struggle this year due to surplus supply despite OPEC supply cuts and sanctions by the US.