Crude Oil Extends Rebound But Closes Lower For The | Commodities
(RTTNews) – Crude oil futures moved modestly greater during trading on Friday, extending yesterday’s rebounding seen from the steep drop on Wednesday.
After climbing $0.52 or 0.8 p.c to $62.79 a barrel on Thursday, crude for June supply rose $0.23 or 0.4 p.c to $63.02 a barrel.
Despite the increase on the day, crude for June supply tumbled $0.99 a barrel or 1.6 p.c for the week.
The price of crude oil recovered from an early droop to finish the day greater amid indicators of easing trade tensions between the U.S. and China, with President Donald Trump refuting China’s claims that the 2 nations haven’t held any trade negotiations.
“They had a meeting this morning,” Trump instructed reporters on Thursday. “It doesn’t matter who ‘they’ is. We may reveal it later, but they had meetings this morning, and we’ve been meeting with China.”
Several stories citing U.S. companies additionally stated China has exempted some U.S. imports from its 125 p.c tariffs
However, crude oil nonetheless slumped for the week due partially to a report from Reuters citing three sources accustomed to OPEC+ speak stated a number of members will recommend the group accelerates oil output hikes in June for a second consecutive month.
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