Energy

US-China trade war in focus

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A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro.

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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 U.S. crude inventories to the lowest in nearly a year.

Brent crude futures rose 41 cents, or 0.7%, to $61.22 by 0051 GMT, while U.S. West Texas Intermediate (WTI) futures  gained 40 cents, or 0.7%, at $56.16.

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’…



Source cnbc.com

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