Friday, 2 August 2019 18:19 WIB |
Oil prices rebounded on Friday after its worst selloff in three years.
U.S. President Donald Trump™s pledge to place a 10% tariff on a further $300 billion in Chinese goods sent crude tumbling 7% a day earlier.
New York-traded West Texas Intermediate crude futures gained $1.22, or 2.3%, to $55.17 a barrel by 6:46 AM ET (10:46 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., rose $1.58, or 2.6%, to $62.08.
The U.S.-China trade dispute increases concerns of a shaky global economy which could negatively impact demand for oil, particularly between the world™s two largest consumers of crude.
Fallout from the conflict included data out Thursday that showed U.S. manufacturing activity slipped last month, dropping to a near three-year low, while construction spending fell in June as investment in private construction projects tumbled to its lowest level in one-and-a-half years.
Source : Investing.com