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Oil rises as Wall Street rebounds
08:38 - 03/03/2018
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Oil prices rose as Wall Street stocks recovered from session lows, but the benchmark crude contracts posted their first weekly drop in three weeks on concern that US plans to impose tariffs on steel and aluminum imports could put pressure on economic growth. Crude production in the United States.
In Thursday's session, oil tipped the stock market lower after US President Donald Trump said he would impose large tariffs on steel and aluminum imports to protect US producers. Investors fear the move could trigger a trade war.
Oil fell with equity markets in early trade on Friday, but oil recovered as the Standard & Poor's 500 and Nasdaq Composite Index erased losses and turned them up.
US benchmark crude futures closed up 54 cents, or 0.9 percent, to settle at $ 64.37 a barrel, while US WTI crude futures rose 26 cents, or 0.4 percent, to close at $ 61.25 a barrel.
The benchmark crude oil prices ended the week with losses as Brent fell nearly 4 percent and US crude fell more than 3 percent
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