Oil prices rebound more than 2% after plunging on Trump's tariff plan - Reuters

Oil prices rebound more than 2% after plunging on Trump's tariff plan - Reuters:

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on U.S. President Donald Trump’s threat to impose more tariffs on Chinese imports.

The move, due to take effect on Sept. 1, intensifies a trade war between the world’s top two economies and oil consumers that has disrupted global supply chains and roiled financial markets. Any resulting economic slowdown could dent oil demand. 


Benchmark Brent LCOc1 rose $1.56, or 2.6%, to $62.06 a barrel by 1210 GMT on Friday, after slumping more than 7% on Thursday, their steepest drop in more than three years.

U.S. crude gained $1.29, or 2.4%, to $55.24 on Friday, after tumbling nearly 8% the previous day when they posted their biggest drop in more than four years.