Oil prices were up 3% on Friday, a partial rebound from their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports, Trend reports citing Reuters.
The tariffs, due to take effect on Sept. 1, intensify the trade war between the world’s top two economies and oil consumers. Any resulting economic slowdown could hurt crude demand.
Brent crude LCOc1 was up $1.65, or 2.7%, to $62.15 a barrel by 1:32 p.m. EDT (1732 GMT). The global benchmark slid more than 7% on Thursday, the steepest daily drop in more than three years.
The U.S. crude benchmark CLc1 gained $1.74, or 3.2%, to $55.69 a barrel, a day after tumbling nearly 8%, the biggest loss in more than four years.
For the week, Brent was on track to lose about 2%, while WTI headed for a 0.9% loss.
Before the slide, crude futures had seen a fragile rally supported by steady drawdowns in U.S. inventories but pressured by a shaky global demand outlook.