Oil jumps on expectations producers may cut supply after 4% slump
LONDON - 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 of U.S.-China trade tensions.
China’s yuan strengthened against the dollar and its exports unexpectedly returned to growth in July on improved global demand despite U.S. trade pressure. Both crude contracts fell to their lowest since January on Wednesday after the U.S. Energy Information Administration said U.S. crude stockpiles rose last week after nearly two months of decline as imports jumped to their highest since January.
Standard Chartered has lowered its 2019 Brent forecast to $66 per barrel from $74 previously, and its WTI forecast to $57 per barrel from $66.
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