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

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

12.9.2019

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

Oil prices rose on Thursday, recouping some of the heavy losses in the previous ...

FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz

The concessions preceded a planned meeting in coming days aimed at defusing the trade row between the world’s two largest economies.

The ECB meets later on Thursday and is expected to ease policy to support flagging growth.

“Historical inventory patterns suggest that stocks should begin to hit seasonal bottom sometime in the next two-three weeks,” said Stephen Innes, Asia Pacific market strategist at AxiTrader.

Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell 798,000 barrels to 39.3 million barrels, their lowest since November 2018.

Read more: Reuters Top News

👁️ 🤔🤔 🙂👥🙂

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