WASHINGTON (dpa-AFX) - Oil rebounded on Thursday after a five-day drop amid supply concerns as U.S. President Donald Trump warned of wider secondary sanctions for buying Russian oil.
A weaker dollar on Fed rate cut hopes, encouraging Chinese exports data and signs of steady demand in the U.S., the world's largest oil consumer, also helped prop up prices.
Benchmark Brent crude futures dropped half a percent to $67.25 a barrel in European trade, while WTI crude futures were up 0.6 percent at $64.71.
Both benchmarks fell nearly 1 percent to their lowest levels in eight weeks on Wednesday after Trump said envoy Witkoff's meeting with Russian President Vladimir Putin was 'highly productive' and he plans to meet Putin and Ukrainian President Volodymyr Zelensky as soon as next week in order to end the war.
China's exports beat forecasts in July as manufacturers capitalized on a temporary tariff truce with the U.S. to ship goods before an impending deadline.
The truce ends next week, with Trump indicating that China could face secondary sanctions or additional tariffs for buying Russian oil.
'It may happen ... I can't tell you yet,' Trump told reporters. 'We did it with India. We're doing it probably with a couple of others. One of them could be China.'
The dollar remained under pressure amid growing market expectations that the Federal Reserve will cut interest rates next month.
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