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 US crude inventories to the lowest in nearly a year.[TOKYO] 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 US crude inventories to the lowest in nearly a year.
The rise came after China moved to exempt some US anti-cancer drugs and other goods from tariffs, while President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars' worth of Chinese goods. Boosting the market's good mood, the US Energy Information Administration said on Wednesday that US crude oil stockpiles fell last week to the lowest in nearly a year, as refineries raised output and imports fell.
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