Crude Oil Prices Rebound From Thursday's Selloff

Trading 02 août 2019 Donner votre avis

Crude oil prices posted a modest recovery on Friday after plummeting more than 6 percent a day earlier on the escalating trade spat between the United States and China.

U.S. President Donald Trump on Thursday announced plans to impose a 10 percent tariff on $300 billion worth of Chinese imports.

West Texas Intermediate jumped $1.09 or 2.00 percent to $55.58 after falling all the way to $54.28 a day earlier.

The new tariffs announced by Trump represent the latest escalation in the trade war between the U.S. and China, which has led to increasing concerns about the outlook for the global economy.

Trump also threatened to further raise tariffs if Chinese President Xi Jinping fails to move more quickly to strike a trade deal. The trade spat is only going to get worse as Beijing said it would not give an inch under pressure from Washington.

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