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Crude for June delivery increased by $ 2.20 or 3.6 percent to $ 58.22 per barrel and has so far fallen from $ 5 per barrel for the week.
For the month of April, crude for June delivery increased by 18 percent, marking the largest monthly percentage decrease since November 2021.
The Commerce Department released a report in which a report was released in which the American economy unexpectedly shrunk unexpectedly in the first three months of 2025 in the first three months of 2025, amidst the ongoing concerns about the demand for continuous recession by the futures of crude oil futures.
The Department of Commerce said that the actual GDP fell 0.3 percent in the first quarter after increasing by 2.4 percent in the fourth quarter of 2024. Economists expected GDP to grow up to 0.4 percent.
The unexpected dip by the GDP mainly reflects an increase in imports, which is a subtraction in the calculation of GDP.
Earlier in the day, reports revealed that the Chinese factory activity was contracted at the fastest speed in 16 months in April, while the Japanese factory activity shrunk in April as the manufacturers had fought with the uncertainties around the new American tariff.
A report of Reuters, which indicates Saudi Arabia officials, is saying that the state is not ready to pursue the oil market, which has also weighed further supply prices.
Reuters said that possible changes in Saudi policy may suggest a step towards producing more and expanding their market share.
Meanwhile, the traders discontinued a report of the energy information administration on a large scale, showing that the inventions of crude oil have declined over expected last week.
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