[Tokyo 12th Reuters]-Crude futures prices have rebounded from the sharp fall on the previous day. Supporting factors are the fact that both the United States and China have moved toward resolving trade friction, and that US crude oil stocks have fallen to the first level in about a year.
At 0051GMT (Japan Time 9:51 am), Brent Futures <LCOc1> is $ 0.41 (0.7%) higher, 1 barrel = $ 61.22.
US WTI Futures <CLc1> is also $ 0.40 (0.7%) higher at $ 56.16.
China announced on November 11 that some US products will be exempted from additional tariffs. US President Trump has also announced that he will postpone tariff increases on Chinese products, and both sides have made a concessionary stance before the trade talks.
According to the weekly statistics released by the US Energy Information Administration (EIA) on the 11th, US crude oil stocks fell for the fourth straight week, reaching 416.1 million barrels, the lowest level since October 2018.