Oil Steadies After Suffering Trade War Losses – 1 August, 2018

An increase in U.S. crude inventories caused oil prices to drop over the last two days, but prices rose and were steady on Thursday. The increase came over more friction between the U.S. and China’s ongoing trade negotiations. West Texas Intermediate crude futures is up 0.4 percent and 30 cents to $67.96 per barrel after falling 1.6 percent the previous session. Brent crude futures were up 0.6 percent and 40 cents to $72.79 per barrel after falling 2.5 percent the previous session. China said it would fight back against the U.S. after President Trump threatened a 25 percent tariff on $200 billion of Chinese imports.