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Oil Rebound Fizzles as Treasury Denies U.S. Easing China Tariffs

  • Crude erased losses on report that U.S. mulling trade rollback
  • Russia, under Saudi pressure, also vows to speed output cuts
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Oil's 'Fair Price' Seen at $55 to $60 for Now, Arqaam Capital Says
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Oil’s after-market rebound waned Thursday after the U.S. Treasury Department disputed a report that the Trump administration might ease trade tariffs against China.

Futures in New York climbed as much as 0.5 percent, erasing what had been a losing session, before slipping again. The turnaround came after the Wall Street Journal said Treasury Secretary Steven Mnuchin is a proponent of rolling back the penalties, citing unnamed sources. The Treasury Department denied the report.