Oil prices rebound more than 2% after plunge on Trump’s tariff vow
LONDON: Oil prices rose around 2 per cent on Friday, regaining ground after their biggest falls in years on US President Donald Trump’s threat to impose more tariffs on Chinese imports.
The move, due to take effect on Sept. 1, would intensify a trade war between the world’s top two economies and crude consumers that has disrupted global supply chains and roiled financial markets.
Brent crude futures slumped more than 7 per cent on Thursday, their steepest drop in more than three years. US West Texas Intermediate (WTI) crude futures fell nearly 8 per cent to post their biggest drop in more than four years.
