Crude ends week lower after largest dip in more than four years
Oil finished down for the week as positive US jobs news wasn’t enough to erase a plunge triggered by President Donald Trump’s escalation of the trade war with China.
Futures in New York rebounded 3.2 per cent on Friday, just partly recovering from a 7.9 per cent slump the previous day, the worst one-day selloff in four years. Oil began to regain some ground early in the session as the market came to terms with Trump’s threat to impose new tariffs on $300 billion of Chinese goods. It then got a boost from a payrolls report that showed the US jobless rate holding near a half-century low, with average hourly earnings that rose more than forecast.
