12/09/2019 11:07
Oil gains on hopes for U.S., China trade war thaw, lower crude stocks
Oil prices rose on Thursday, recouping some of the heavy losses in the previous session, supported by easing trade tensions between Washington and Beijing and a drop in U.S. crude stockpiles to the lowest in nearly a year.
Brent crude futures LCOc1 rose 45 cents, or 0.7%, to $61.26 a barrel by 0504 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 gained 50 cents, or 0.9%, to $56.25 a barrel.
The rise came after China moved to exempt some U.S. anti-cancer drugs and other goods from tariffs, while President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars’ worth of Chinese goods.
The concessions also preceded a planned meeting in coming days aimed at defusing the long-running trade row between the world’s two largest economies.