Oil climbs as market steadies after US tariff concerns
Oil prices ticked higher on Monday, rebounding after declines last week on concerns about a global trade war, as investors appeared to shrug off U.S. President Donald Trump's latest threat, this time on steel and aluminium imports.
Brent crude futures was up 74 cents, or 1%, to $75.40 a barrel by 0938 GMT while U.S. West Texas Intermediate crude also climbed 1%, or 72 cents, at $71.72 a barrel. The market posted its third consecutive weekly decline last week on concerns about a global trade war.
Trump said he will announce on Monday 25% tariffs on all steel and aluminium imports into the U.S., in another major escalation of his trade policy overhaul.
Just a week ago, the president announced tariffs on Canada, Mexico and China, but suspended those for the neighbouring countries the next day.
Source: Reuters