Oil rises due to firm yuan, expectations of more OPEC cuts - Reuters

Oil rises due to firm yuan, expectations of more OPEC cuts - Reuters:

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 currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.

Brent crude LCOc1 was up 67 cents at $56.90 a barrel by 1130 GMT, after hitting a session high of $58.01.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 96 cents to $52.05 a barrel after hitting a peak of $52.84.