Oil prices rose on Thursday, recouping some of the heavy losses in the previous session, supported by easing trade tensions between Washington and Beijing and a drop in U.S. crude stockpiles to the lowest in nearly a year.

Brent crude futures (LCOc1) rose 45 cents, or 0.7%, to $61.26 a barrel by 05:04 GMT, while U.S. West Texas Intermediate (WTI) futures (CLc1) gained 50 cents, or 0.9%, to $56.25 a barrel.

The rise came after China moved to exempt some U.S. anti-cancer drugs and other goods from tariffs, while President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars' worth of Chinese goods.

The concessions also preceded a planned meeting in coming days aimed at defusing the long-running trade row between the world's two largest economies.

Source : Reuters