Oil prices jump on possible production cuts and yuan stability
Brent and WTI rebound more than $1 a barrel but the short-term rise may just be a correction, as tensions in the Gulf continue
08 August 2019 - 12:07
London — Oil jumped more than $1 a barrel on Thursday due to expectations that falling prices may lead to production cuts, coupled with a steadying of the yuan after a week of turmoil spurred by an escalation of US-China trade tensions.
Brent crude had rebounded to $57.57, up $1.34 or 2.4%, by 8.44am GMT. US West Texas Intermediate (WTI) crude futures jumped $1.49, or 2.9%, to $52.58 a barrel...
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