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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil gains despite mounting US-China trade tensions

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TOKYO: Oil prices rose on Friday despite the start of US President Donald Trump’s tariff hike on $200 billion of Chinese goods, stoking the trade dispute between the world’s two biggest economies.


China on Friday said it “deeply regrets” the US move, adding that it would take necessary countermeasures, without elaborating.


Prices were supported by tighter supply amid ongoing production cuts by the Organization of the Petroleum Exporting Countries (Opec) and US sanctions on Iran and Venezuela.


The Brent crude oil benchmark was at $70.73 a barrel at 0643 GMT, up 34 cents, or 0.5 per cent, from its last close, after rising as far as $71.23 a barrel. US West Texas Intermediate (WTI) crude futures were up 39 cents at $62.09 per barrel, having earlier hit $62.49 a barrel.


Brent is down slightly on the week, on course for its second weekly loss, while US crude is set for a weekly gain of 0.2 per cent in what would be its first gain in three weeks. — Reuters


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