Oil prices rebounded on Friday after its worst selloff in three years.
U.S. President Donald Trump’s pledge to place a 10% tariff on a further $300 billion in Chinese goods sent crude tumbling 7% a day earlier.
New York-traded West Texas Intermediate crude futures gained $1.22, or 2.3%, to $55.17 a barrel by 6:46 AM ET (10:46 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., rose $1.58, or 2.6%, to $62.08.
The U.S.-China trade dispute increases concerns of a shaky global economy which could negatively impact demand for oil, particularly between the world’s two largest consumers of crude.
Fallout from the conflict included data out Thursday that showed U.S. manufacturing activity slipped last month, dropping to a near three-year low, while construction spending fell in June as investment in private construction projects tumbled to its lowest level in one-and-a-half years.
Source : Investing.com