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On Tuesday, oil prices inched lower but remained near a three-month high. Investors are hoping that the demand for the crude will increase significantly after the new US-China deal. Brent went down and was traded at $65.31 a barrel. WTI slipped and was traded at $60.17 a barrel. Oil output of the US is expected to rise to about 29,000 barrels per day (bpd) in January, predicts EIA.