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Crude for June delivery on Friday from $ 0.23 or 0.4 percent or 0.4 percent to $ 63.02 per barrel from $ 0.97 or 1.5 percent $ 62.05 per barrel.
The faster pullback at the price of crude oil came amid the ongoing concerns about the demand due to uncertainty about potential business deals.
Treasury Secretary Scott Besant on Sunday told ABC News to “this week” that he believes that an agreement in theory can reach “17 or 18 important trade deals”, the administration is currently negotiating.
“A business deal may take months, but in theory a compromise and good behavior and living within the parameters of the deal by our business partners can take back the tariff back to the maximum level,” Besant said.
Meanwhile, in a separate interview with CNBC’s “Squalk Box” this morning, Besent said that he believes that it is to de-skelett on China, “Because they sell us five times more than them as we sell them.”
Crude oil futures also led to a steep decline as Iranian Foreign Minister Abbas Arakchi said that he remains “extremely cautious” about the success of nuclear talks between Iran and America.
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