Crude oil races up after a sharp slide as one-week low offers support

WTI Crude oil futures saw a good recovery today after slumping in last session. Oil fell around 2.60% to test one-week low as lingering uncertainty over Donald Trump?s trade policies hurt the sentiments. Trump has shared letters to multiple world leaders outlining further tariff plans and announced plans for tariffs on copper, semiconductors and pharmaceuticals. This uncertainty firmed up US dollar on safe-haven status and pulled oil lower. However, the commodity gained today and is currently trading up 0.71% at $67 per barrel. Key monthly updates from OPEC and IEA are due and oil seems to be holding up to the broad upward trajectory that pushed it near $69 per barrel earlier this week.

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