Decline in US stocks lifts oil
Brent rises on signs that China is taking more concrete steps to put a trade war truce with Washington into action
Singapore — Oil prices rose on Thursday, buoyed by a drawdown in US crude inventories and signs that China is taking more concrete steps to put a trade war truce with Washington into action. Crude oil prices have also been supported by Opec-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast. International Brent crude oil futures were at $60.46 a barrel at 2.13am GMT, up 31c, or 0.52%, from their last close. US West Texas Intermediate (WTI) crude futures were at $51.40 a barrel, up 25c or, 0.49%. “Crude oil prices rose, helped by the easing trade tension, as well as a fall in inventories,” ANZ bank said on Thursday. “The news that China is looking to redraft its ‘Made in China’ 2025 plan boosted hopes that trade talks are progressing better than expected.” China made its first major U.S. soybean purchases in more than six months on Wednesday, while Beijing also appears to be easing its hi-tech industrial push, du...
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