Crude Oil Extends Yesterday’s Surge, Spikes 4.7% | Commodities
(RTTNews) – Crude oil futures moved sharply larger during trading on Friday, extending the robust upward transfer seen within the earlier session.
After surging $1.84 or 3.2 p.c to $59.91 a barrel during Thursday’s session, crude for June supply crude for June supply jumped $1.11 or 1.9 p.c to $61.02 a barrel.
With the spike seen over the previous two days, the price of crude oil soared by 4.7 p.c for the week.
The prolonged surge by crude oil got here amid optimism about a potential U.S.-China trade deal forward of Treasury Secretary Scott Bessent’s talks with Chinese officers in Switzerland this weekend.
A Bloomberg report citing people acquainted mentioned the U.S. is hoping to slash its China tariffs to beneath 60 p.c from the present degree of not less than 145 p.c during the weekend talks.
However, President Donald Trump mentioned in a post on Truth Social that a larger “80% Tariff on China seems right,” partly offsetting the optimistic sentiment.
Trump additionally mentioned many trade offers are “in the hopper,” though merchants stay cautious even after yesterday’s announcement of the framework of a U.S.-U.Okay. trade deal.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
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