UPDATE 7-Oil rises more than 2% on firm yuan, expectations of more OPEC cuts

* Yuan firms as Beijing signals intent to stabilise decline
* Chinese exports and imports beat forecasts in July
* U.S. crude stockpiles unexpectedly rise last week

(Adds Cushing inventory data, updates to settlement)
By Devika Krishna Kumar
NEW YORK, Aug 8 (Reuters) - Oil 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 LCOc1 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 CLc1 rose
$1.45, or 2.8%, to settle at $52.54 a barrel after hitting a
peak of $52.98.
Prices rebounded after tumbling nearly 5% to their lowest
since January on Wednesday after data showed an unexpected build
in U.S. crude stockpiles after nearly two months of decline.
EIA/S Lending some support to prices on Thursday, inventories at
Cushing, Oklahoma, the delivery point for WTI, fell about 2.9
million barrels in the week to Aug. 6, said traders, citing data
from market intelligence firm Genscape.
China's yuan strengthened against the dollar and its exports
unexpectedly returned to growth in July on improved global
demand despite U.S. trade pressure. The dollar fell 0.2% against
the offshore yuan. "Today's price rebound across the energy spectrum looks like
a normal correction from a short-term oversold technical
condition," Jim Ritterbusch of Ritterbusch and Associates said
in a note.
"While some Saudi overtures of additional output restraint,
a softening U.S. dollar and lift in global risk appetite are
facilitating today's rally, we are not viewing this as the
beginning of a sustainable advance by any measure."
Reports that Saudi Arabia, the world's biggest oil exporter,
had called other producers to discuss the slide in crude prices
have helped supported the market, traders and analysts said.
"Saudis are scrambling to send a signal that will stabilize
oil markets ... With energy prices heading for the worst weekly
close since December, we should not be surprised to hear more
rumors that OPEC may be considering increased production cut
efforts ahead of a key summit that is tentatively planned for
the second week in Abu Dhabi," said Edward Moya, senior market
analyst at OANDA in New York.
Persistent worries about demand growth have weighed on
global oil markets, particularly as the world's two biggest
economies are locked in a trade row.
Crude oil shipments into China, the world's largest
importer, in July rose 14% from a year earlier as new refineries
ramped up purchases. Fuel exports continued to climb as supply
outstripped demand in the world's second-largest oil consumer.

Saudi Arabia plans to keep its crude oil exports below 7
million barrels per day in August and September despite strong
demand from customers, to help drain global oil inventories and
bring the market back to balance, a Saudi oil official
said. Geopolitical tensions over the safety of oil tankers passing
through the Persian Gulf remained unresolved as Iran refused to
release a British-flagged tanker it seized last month.
The U.S. Maritime Administration said U.S.-flagged
commercial vessels should send their transit plans for the
Strait of Hormuz and Gulf waters to U.S. and British naval
authorities, and that crews should not forcibly resist any
Iranian boarding party. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
China commodity import data png https://tmsnrt.rs/2BVPuDF
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