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Oil edged higher in Asia after the biggest daily surge in 16 months pushed prices back above $100 a barrel as the Kremlin cast doubt on the progress of peace talks with Ukraine.

Futures in New York rose to trade near $104 a barrel after jumping 8.4% on Thursday. Crude rallied after the Kremlin said a report of major progress in negotiations over Ukraine was “wrong,” but that discussions will continue. Oil is still set for a second weekly loss after another tumultuous period of trading that’s seen West Texas Intermediate swing over $9 in three sessions.

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