Oil prices stabilized on Thursday, supported by the United States’ decision to reduce tariffs on Chinese imports from 57% to 47%, a move reflecting a decrease in trade tensions that have pressured global economic growth forecasts.
Brent crude fell by about 40 cents, or 0.46%, to $64.62 a barrel, after rising 52 cents in Wednesday’s trading.
West Texas Intermediate crude dropped 31 cents, or 0.51%, to $60.17 a barrel, following a gain of 33 cents in the previous session.
The gains for both crude benchmarks yesterday were also driven by a larger-than-expected decline in U.S. oil and fuel inventories.
Both benchmarks are heading towards a decline of more than 3% in October, marking the third consecutive month of losses.
