Oil prices rebound from one-month low after Trump's tariff threat

7 May 2019 11:00 (UTC+04:00)

By  Trend

Oil futures edged higher in volatile trade on Monday as rising tensions between the United States and Iran buoyed prices, which earlier touched a one-month low after U.S. President Donald Trump said he may raise tariffs on Chinese goods, Trend reports citing Reuters.

Brent crude futures rose 54 cents to $71.39 a barrel as of 1:42 p.m. EDT (1742 GMT). The global benchmark earlier sank to $68.79 a barrel, its lowest since April 2.

U.S. West Texas Intermediate (WTI) crude futures rose 50 cents to $62.44 a barrel. WTI’s session low was $60.04 a barrel, the weakest since March 29.

Additional buying was sparked after WTI broke through $62 a barrel in early afternoon trade, said Bob Yawger, director of energy futures at Mizuho in New York.

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