Crude Oil Pulls Back Sharply Amid Lingering Demand | Commodities
After rebounding from final Wednesday’s stoop over the 2 earlier classes, the price of crude oil confirmed a important transfer back to the draw back during trading on Monday.
Crude for June supply tumbled $0.97 or 1.5 % to $62.05 a barrel after rising $0.23 or 0.4 % to $63.02 a barrel final Friday.
The sharp pullback by the price of crude oil got here amid ongoing considerations about demand resulting from lingering uncertainty about potential trade offers.
Treasury Secretary Scott Bessent informed ABC News’ “This Week” on Sunday he believes an settlement in precept can reached on “17 or 18 important trade deals” the administration is presently negotiating.
“A trade deal can take months, but an agreement in principle and the good behavior and staying within the parameter of the deal by our trading partners can keep the tariffs there from ratcheting back to the maximum level,” Bessent stated.
Meanwhile, in a separate interview with CNBC’s “Squawk Box” this morning, Bessent stated he believes it is up to China to de-escalate, “because they sell five times more to us than we sell to them.”
The steep drop by crude oil futures additionally got here as Iranian Foreign Minister Abbas Araqchi stated he stays “extremely cautious” in regards to the success of nuclear talks between Iran and the U.S.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
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