Oil prices steady after Trump trade tariffs spark plunge
TOKYO: Oil prices rose around 1 per cent on Friday, steadying after an overnight plunge following US President Donald Trump’s move to impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth.
Brent crude slumped more than 7 per cent on Thursday, its steepest drop in more than three years. US crude fell nearly 8 per cent, posting its worst day in more than four years,
The collapse ended a fragile rally built on steady drawdowns in US inventories, even as global demand looked shaky due to the trade dispute between the world’s two biggest economies.
