Oil prices rose on Thursday after the signing of an initial Sino-U.S. trade deal...
TOKYO - Oil prices rose on Thursday after the signing of an initial Sino-U.S. trade deal that sets the stage for a surge in Chinese purchases of American energy products, while U.S. crude inventories fell more than expected.
Under the so-called Phase 1 deal to call a truce in a trade war between the world’s two biggest economies, China committed to buying over $50 billion more of U.S. oil, liquefied natural gas and other energy products over two years. Official U.S. data showing a much bigger than expected drop in crude oil inventories, also helped underpin prices, Chauhan said.
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