Oil prices rebounded on Friday following a sharp fall on Thursday caused by U.S. President Donald Trump's tweets on additional tariffs on Chinese goods.
Trump announced Thursday that Washington would impose a 10% additional tariff on $300 billion worth of Chinese goods starting Sept. 1, which sent crude tumbling 7% on Thursday.
With the current 25% U.S tariffs on $250 billion worth of Chinese imports, almost all U.S. imports of Chinese goods now have tariffs.
The prices slightly gained momentum late Friday following Trump's tweet. International benchmark Brent crude was trading at $62.12 per barrel at 1318 GMT on Friday with a 1.33% gain after it ended Thursday at $61.30 a barrel.
WTI was at $55.30 a barrel on Friday at the same time for a 1.63% boost after closing the previous session at $54.41 per barrel.
Increasing the risk of a global economic slowdown, the intensifying trade tensions between the U.S and China also negatively impact forecasts of global oil demand.
China has already retaliated to the 25% tariffs, imposing its own penalties on $110 billion worth of American goods. But due to the heavily unbalanced trade relationship, with the U.S. far outweighing China, Beijing's penalties do not match those imposed by the U.S.
By Ebru Sengul