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Oil gains on signs of thaw in U.S.-China trade war, inventory fall

September 12, 2019 / Aaron Sheldrick

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. Brent crude futures LCOc1 rose 23 cents, or 0.4%, to $61.04 a barrel by 0650 GMT. U.S. West Texas Intermediate (WTI) futures CLc1 was up 28 cents, or 0.5%, to $56.03 a barrel. 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.