Oil prices rose on Thursday, recouping some of the heavy losses in the previous ...
TOKYO - Oil prices rose on Thursday, recouping some of the heavy losses in the previous session, on signs of easing trade tensions between Washington and Beijing and a fall in U.S. crude stockpiles to their lowest in nearly a year.
The rise came after China moved to exempt some U.S. anti-cancer drugs and other goods from tariffs and U.S. President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars’ worth of Chinese goods. That said, “further rallies in Asia look limited today” ahead of the European Central Bank rate review, he said.The price rise on Thursday came after both of the principal global benchmarks fell sharply on the previous day following a report that President Trump had weighed easing sanctions on Iran, a move that would potentially boost global crude supply.
Crude inventories USOILC=ECI fell for a fourth week, falling 6.9 million barrels in the week to Sept. 6 - more than double analysts’ expectations of a 2.7 million-barrel drawdown.
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