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Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.

Oil in New York headed for the longest weekly winning streak since November 2017 as crises from Venezuela to Libya threatened supplies, while optimism over U.S.-China trade talks buoyed the outlook for demand.

Colorado’s Legislature passed a sweeping overhaul of the state’s oil and natural gas laws, giving local governments more power to regulate drilling in one of the nation’s top crude-producing regions.

Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.-China trade impasse lifted financial markets.

President Donald Trump renewed his criticism of OPEC, saying the cartel should increase production because prices are getting “too high.”

Oil prices dipped as an unexpectedly high jump in U.S. crude supplies unnerved a market already worried about weakening global demand.

Carbon emissions from fossil-fuel use hit a record last year after energy demand grew at its fastest pace in a decade, reflecting higher oil consumption in the U.S. and more coal burning in China and India.

Oil fell from its highest closing level in four months in New York as signs of a slowing global economy stirred concerns about fuel demand.

Oil in New York rose to the highest level this year after OPEC and its partners agreed to go beyond their pledged supply curbs in the coming months.