Oil price rises more than 2% on firm yuan, expectations of more Opec cuts

Brent crude ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of $58.01. U.S. West Texas Intermediate (WTI) crude futures rose $1.45, or 2.8%, to settle at $52.54 a barrel after hitting a peak of $52.98.

NEW YORK: Oil price jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.

Brent crude ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of $58.01.