Oil rebounds as Trump says letter revives China trade hopes - Reuters:
Brent oil futures settled slightly higher on Thursday, rebounding from a drop after U.S. President Donald Trump revived investor hopes that the United States might not raise tariffs on Chinese imports, a step that could hit economic growth and crimp oil demand.
The trade dispute between the world’s two biggest economies and a sharp drop in global equity markets has hit oil prices, outweighing geopolitical tensions and supply cuts that have lowered global supplies from Latin America, Africa and the Middle East.
Brent settled 2 cents higher at $70.39 a barrel, rebounding from a session low of $69.40 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled down 42 cents at $61.70 per barrel.
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