Oil prices rose on Friday as Wall Street stocks bounced off session lows, but crude benchmarks posted their first weekly fall in three weeks on fears U.S. plans to impose tariffs on steel and aluminium could squeeze economic growth, and as U.S. crude inventories climbed.
On Thursday, oil followed the stock market lower after President Donald Trump said he would impose hefty tariffs to protect U.S. producers. Investors feared the move would spark a trade war, with retaliation from major partners such as China, Europe and Canada.
The U.S. oil and gas industry slammed the tariff plan, saying it would kill energy jobs by raising costs for big infrastructure projects.
Oil slid along with equities again early on Friday, but oil rebounded with U.S. stocks as the S&P 500 index and the Nasdaq moved into positive territory.