Oil rises as US, China swap concessions in trade war, inventories fall
TOKYO: Oil prices jumped on Thursday, bouncing back from heavy losses in the previous session, buoyed by moves to ease trade tensions between Washington and Beijing and a drop in US crude inventories to the lowest in nearly a year.
Brent crude futures rose 41 cents, or 0.7 per cent, to $61.22 by 0051 GMT, while US West Texas Intermediate (WTI) futures gained 40 cents, or 0.7 per cent, at $56.16.
The rise came after China moved to exempt some US 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.
