Oil jumps over 2% after U.S. inventory data, Russia OPEC comments - Reuters:
Oil prices surged more than 2% on Wednesday after a better-than-expected U.S. crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the global oil market balanced.
Prices pulled back slightly after Reuters reported that the first phase of a trade deal between Beijing and Washington might not get done this year, trade experts and people close to the White House said. The 16-month trade war between the world’s top economies is raising concerns about its impact on oil demand.
Brent crude LCOc1 futures settled at $62.40 a barrel, gaining $1.49, or 2.5%, and West Texas Intermediate crude CLc1 settled at $57.11 a barrel, up $1.90, or 3.4%.
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