Oil prices rise and offset previous losses

Economy

2-08-2019, 15:25

+A -A

Baghdad –INA

Oil prices rose about 2% on Friday, after yesterday's biggest drop in years after US President Donald Trump announced the imposition of more tariffs on Chinese goods.Brent crude was up 2% at $ 61.71 a barrel, while US crude futures rose 1.6% to $ 54.82 a barrel.Brent prices fell more than 7% on Thursday, their biggest drop in three years, while US crude fell 8%, its worst day in more than four years.

Trump said Thursday he would impose an additional 10 percent surcharge on imports from China worth $ 300 billion as of early September, as talks between Washington and Beijing continue to settle the trade war.Trump's announcement almost all Chinese exports to the United States, in the sudden development of a temporary truce to the war of trade, which has disrupted global supply chains and troubled financial markets.