Crude Ends Week Lower After Largest Dip in More Than Four Years
- Market claws back some losses after Trump’s tariff threat
- WTI futures down 1% for week after 7.9% plunge Thursday
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Oil finished down for the week as positive U.S. jobs news wasn’t enough to erase a plunge triggered by President Donald Trump’s escalation of the trade war with China.
Futures in New York rebounded 3.2% on Friday, just partly recovering from a 7.9% slump the previous day, the worst one-day selloff in four years. Oil began to regain some ground early in the session as the market came to terms with Trump’s threat to impose new tariffs on $300 billion of Chinese goods. It then got a boost from a payrolls report that showed the U.S. jobless rate holding near a half-century low, with average hourly earnings that rose more than forecast.