Crude Oil Extends Pullback Amid Lingering Demand | Commodities
(RTTNews) – Crude oil futures moved sharply decrease during trading on Tuesday, extending the numerous pullback seen within the earlier session.
After tumbling $0.97 or 1.5 % to $62.05 a barrel during Monday’s session, crude for June supply plunged $1.63 or 2.6 % to $60.42 a barrel.
The prolonged pullback by the price of crude oil got here amid ongoing issues a weakening U.S. economic system and the U.S.-led trade struggle with companions, particularly China, will damage vitality demand.
Meanwhile, merchants appeared to shrug off the latest developments on the trade entrance, with Commerce Secretary Howard Lutnick telling CNBC the Trump administration had reached its first trade deal.
Lutnick declined to call the nation concerned however mentioned he expects their prime minister and parliament to provide their approval “shortly.”
Treasury Secretary Scott Bessent additionally instructed reporters the U.S. is “very close” to a trade deal with India, has had “substantial talks” with Japan and has “the contours of a deal” with South Korea.
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