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Crude delivery for May rose $ 1.12 or 1.9 percent to $ 59.58 per barrel, after jumping at a high level of $ 61.75 per barrel in early trading.
The price of crude oil extended the nozive seen in its last two sessions since April 2021, which reached its lowest level.
Crude oil initially benefited from optimism about President Donald Trump’s conversation on the new tariff that can help avoid global trade war.
Treasury Secretary Scott Besent said that about 70 countries have approached the White House about trade talks, Japan has allegedly got priority status.
“I think you are going to see some very big countries, in which big trade deficit comes forward very quickly,” Bisent said during an interview on CNBC. “If they come to the table with concrete proposals, I think we can finish with some good deals.”
Trump also said in a post on Truth Social that he had a “great call” with South Korea’s acting President Han Duck-Su and said that the country’s top team is in an aircraft in America, and things look good. “
Buying during the session, however, continues to increase tension on tariffs between the US and China.
After Trump threatened to put an additional 50 percent tariff on Chinese goods, China vowed to “fight to the end” until the country withdraws its new 34 percent tariff on American goods.
A White House official told CNBC that the effective tariff rate on China would increase by 104 percent at midnight, when Trump’s other “mutual tariffs” are also ready to be effective.
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