Oil gains about 3%; records loss for week after Trump tariff threat - Reuters

Oil gains about 3%; records loss for week after Trump tariff threat - Reuters:

Oil prices gained about 3% on Friday a day after recording their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports.

For the week, crude oil benchmarks recorded a loss.

Washington’s new tariffs on China, due to take effect on Sept. 1, intensify the trade war between the world’s top two economies. Any resulting economic slowdown could hurt crude demand.

Brent crude LCOc1 futures for October delivery settled at $61.89 a barrel, up $1.39, or 2.30%. The global benchmark slid more than 7% on Thursday, the steepest daily drop in more than three years.

WTI crude CLc1 futures for September delivery settled at $55.66 a barrel, rising $1.71, or 3.17%, after Thursday’s nearly 8% plunge, the biggest loss in more than four years.