Oil Manages To Rebound After More Tariff Threats – 1 August, 2019

Oil prices jumped up over 2% in a rebound caused by additional tariffs on Chinese imports imposed by U.S. President Donald Trump, rebounding from their biggest drops in years while the two biggest economies fight to come to an agreement. After falling 7% this week, Brent crude futures rose $1.51 or 2.5% to $62.01 per barrel. The drop was the steepest one the international benchmark had seen in over three years. U.S. West Texas Intermediate crude futures gained 2% or $1.06 to $55.01 per barrel. President Trump declared a 10% tariff would be imposed on $300 billion of Chinese imports starting next month if a trade deal was not made.