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Oil rises as U.S., China swap concessions in trade war, inventories fall

“At 416.1 million barrels, U.S. crude oil inventories were at their lowest since October 2018, and about 2% below the five-year average for this time of year, the EIA said” writes Midwest Communications Inc for The concessions came days ahead of a planned meeting aimed at defusing the long-running trade row between the world’s two largest economies.TOKYO (Reuters) – Oil prices jumped on Thursday, bouncing back from heavy losses in the previous session, buoyed by moves to ease trade tensions between Washington and Beijing and a drop in U.S. crude inventories to the lowest in nearly a year.Brent crude futures rose 41 cents, or 0.7%, to $61.22 by 0051 GMT, while U.S. West Texas Intermediate (WTI) futures gained 40 cents, or 0.7%, at $56.16.

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