Wednesday, 03 June 2020
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Oil rebounds, gaining 1.4% on hopes for US-China trade deal

Brent crude rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand.

China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without giving a timeline.

Brent crude, the global benchmark, rose 58 cents to settle at $62.32. West Texas Intermediate crude climbed 80 cents, or 1.4%, to settle at $57.15.

Source : Reuters

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