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NEW YORK (Reuters) – Oil prices rose more than 2 percent on Thursday, as lower prices could lead to lower production and the Chinese yuan stabilized after a week of unrest sparked by escalating trade tensions between the United States and China.
Futures contracts on Brent rose $ 1.15, or 2.1%, to $ 57.38 per barrel, after peaking at $ 58.01.
West Texas Intermediate (WTI) crude futures increased $ 1.45, or 2.8%, to $ 52.54 per barrel from $ 52.98 at the top of the session.
Prices resumed after Wednesday's session plunged nearly 5% to its lowest level since January, following data showing an unexpected rise in US crude inventories after a nearly two-month slide .
The yuan rose against the US dollar and Chinese exports resumed their growth in July, contrary to expectations, as global demand improved despite US trade pressure.
Traders and badysts said reports that Saudi Arabia, the world's largest oil exporter, had contacted other producers to discuss the drop in oil prices, which had contributed to support the market.
Saudi Arabia plans to maintain its crude oil exports below 7 million barrels per day (bpd) in August and September, despite strong customer demand, to help reduce oil inventories and rebalancing the market, said a Saudi oil official.
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