Oil prices recovered slightly on Friday after U.S. President Donald Trump's tweets on additional tariffs on Chinese goods caused a sharp fall on Thursday.
Trump announced Thursday that Washington would impose a 10% additional tariff on $300 billion worth of Chinese goods starting Sept. 1.
'Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country,' Trump tweeted.
The new import duties will be on top of the 25% tariffs the U.S. already imposed on $250 billion worth of Chinese goods.
Following the tweet, oil prices reacted by plunging almost 7% on Thursday.
On Friday, oil prices opened slightly higher. International benchmark Brent crude traded at $62.02 per barrel at 06.42 GMT compared to Thursday's closing price of $61.30, while American benchmark West Texas Intermediate was trading at $54.81 at the same time on Friday, up from Thursday's closing of $54.41 a barrel.
By Zeynep Beyza Kilic