Oil rebounds on fresh hopes for US-China trade deal
Oil prices rose on Thursday amid new hints from China on progress towards a trade deal with the US, offsetting downward pressure from a huge increase in US crude stockpiles.
Brent crude futures were up 33 cents, or 0.5 per cent at $62.07 a barrel by 0812 GMT, after settling down $1.22 per barrel, or almost 2 per cent on Wednesday.
West Texas Intermediate crude futures rose 37 cents, or 0.7 per cent, from their last close to $56.72 a barrel. They settled 88 cents lower, or 1.54 per cent, in the previous session.
China’s commerce ministry said on Thursday that while Beijing and Washington still have to agree to simultaneously cancel some existing tariffs on each other’s goods for both sides to reach a ‘Phase One’ trade deal, they have agreed to cancel additional tariffs in different phases.
