07.11.201919:09:00UTC+00Crude Oil Futures Settle Notably Higher

Crude oil prices moved higher on Thursday, rebounding smartly after suffering a setback in the previous session.

Comments from China's commerce ministry spokesman that the U.S. and China have agreed to cancel additional tariffs in phases in order to end their trade dispute lifted sentiment and eased concerns about the outlook for energy demand.

West Texas Intermediate Crude oil futures for December ended up $0.80, or about 1.4%, at $57.15 a barrel.

Brent crude futures gained $0.58 as they settled at $62.32 a barrel.

On Wednesday, West Texas Intermediate Crude oil futures for December ended down $0.88, or about 1.5%, at $56.35 a barrel, after data showed a significant rise in U.S. crude inventories.

According to the data released by the Energy Information Administration Wednesday morning, crude oil stockpiles in the U.S. increased by 7.9 million barrels in the week ended November 1, more than five times the expected increase.

On the trade front, comments from China's Commerce Ministry spokesman Gao Feng about the two countries agreeing to cancel additional tariffs in phases helped offset the negative sentiment generated by recent report from Reuters that said a meeting between the U.S. President Donald Trump and Chinese Premier Xi Jinping could be delayed until December.

"The trade war started with tariffs and should end with the cancellation of tariffs," said ministry spokesman Gao Feng, who noted phase one of a trade deal must include both countries simultaneously canceling tariffs on each other's goods.

"Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations," Gao added without providing a timetable.