Oil prices rebounded on Thursday after heavy losses in the previous session that came as the China-US trade dispute escalated, with official Chinese data indicating energy demand in the world’s top importer has yet to recover its strength.
Brent crude futures were up 24 cents, or a third of a per cent, at $72.52 a barrel by 0355 GMT, following a decline of more than 3 per cent on Wednesday. US West Texas Intermediate (WTI) crude futures gained 7 cents to $67.02 a barrel, after dropping 3.22 per cent the previous session.
25% tariffs on US goods
China is slapping tariffs of 25 per cent on a further $16 billion in imports from the United States, from fuel and steel products to autos and medical equipment. The ongoing trade war is rattling global markets and investors fear any slowdown in the world’s two largest economies would slash demand for commodities. Read More
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