Crude Oil Pulls Back Sharply Amid Reports Of | Commodities
(RTTNews) – Following the surge seen over the ultimate two classes of final week, the price of crude oil pulled back sharply during trading on Monday.
Crude for May supply plunged $1.60 or 2.5 % to $63.08 a barrel after hovering $3.35 or 5.5 % to $64.68 final Wednesday and Thursday.
The steep drop by the price of crude oil got here amid stories of progress in negotiations between the U.S. and Iran, with a third spherical of talks about Iran’s nuclear program set for later this week.
A senior administration official informed Fox News that “very good progress” had been made during the talks in Rome over the weekend.
Iranian Foreign Minister Abbas Araghchi additionally mentioned in a post on X that the talks made “progress on principles and objectives of a possible deal” however warned that “optimism may be warranted but only with a great deal of caution.”
Lingering issues about a international trade conflict additionally weighed on oil costs as merchants await indicators of progress from President Donald Trump’s trade talks.
Potentially including to the concerns, China has threatened to retaliate towards any international locations that attain a trade deal with the U.S. on the expense of China’s pursuits.
A spokesman for China’s Ministry of Commerce was requested to reply to stories the Trump administration is making ready to put stress on different international locations to limit trade with China in exchange for U.S. tariff exemptions.
“If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner,” the spokesman responded, in line with a Google translation. “China is determined and capable of safeguarding its own rights and interests.”
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