Oil prices rose on Friday, supported by expectations of more production cuts by ...
SEOUL - Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the U.S.-China trade row could lead to a global slowdown, curbing demand for crude.
U.S. West Texas Intermediate futures were at $52.79 per barrel, up 25 cents, or 0.5%, from their last close. Global financial markets were rocked over the past week after U.S. President Donald Trump said he would impose 10% tariffs on Chinese goods starting September and a fall in the Chinese yuan sparked fears of a currency war.
“Saudi’s production in September will also be lower than it is currently. This helped crude oil rebound from its lowest level since January,” ANZ bank said in a note.
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