Oil gains amid US-China trade tension
Brent claws back some of the ground its lost in the previous session, analysts point to news that Libya will resume exports as a catalyst for the correction
Tokyo — Brent crude rose more than $1 on Thursday, recouping some ground after its biggest one-day drop in two years in the previous session on news that Libya would resume oil exports and US-China trade tension. Brent crude rose $1.31, or 1.8%, to $74.71 by 2.42am GMT after slumping 6.9% on Wednesday. US West Texas Intermediate (WTI) added 42c, or 0.6%, to $70.80, after falling 5% the previous session. "Markets in Asia are a lot more settled today," said Greg McKenna, chief market strategist at AxiTrader in Sydney. "Moves, the like of which we saw in Brent and to a lesser extent WTI, last night are often followed by some sort of bounce the following day or session," he said. The announcement by Libya’s National Oil Corporation that four export terminals were being reopened, ending a standoff that had shut down most of Libya’s oil output, was one of the catalysts for a correction, analysts said. The reopening allows the return of as much as 850,000 barrels a day of crude into intern...
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