Oil rallied as investors weighed growing concerns of a trade war following President Donald Trump’s decision to slap tariffs on China as well as his plan to appoint John Bolton as national security adviser.
Futures in New York climbed as much as 1.4 percent. Prices slumped 1.3 percent on Thursday after Trump called for tariffs on at least $50 billion in Chinese imports. In response, China slapped back with reciprocal tariffs on $3 billion of imports from the U.S. Trump also said he will replace White House National Security Adviser H.R. McMaster with Bolton, famed for his hawkish views, ahead of a key decision on whether to maintain the Iran nuclear deal.
West Texas Intermediate crude for May delivery rose as much as 92 cents to $65.22 a barrel on the New York Mercantile Exchange and traded at $65.07 at 9:58 a.m. in Tokyo. Prices were 4.4 percent higher on the week, the most since the week ended Jan. 12. The contract fell 87 cents to $64.30 on Thursday.
Brent for May settlement added 71 cents to $69.62 on the London-based ICE Futures Europe exchange after dropping 0.8 percent on Thursday. The global benchmark traded at a $4.56 premium to WTI for the same month.
Source : Bloomberg