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After a fall from $ 1.53 or 2.4 percent to $ 61.62 per barrel during Thursday season, crude for June delivery rose $ 0.87 or 1.4 percent to $ 62.49 per barrel.
The price of crude oil increased by 2.4 percent for the week, with a rebound on the combined day combined with the rapid increase in the first week.
The weekly advantage amid opinionism about the US trade policy was temporarily hitting the standing tariffs on each other’s belongings following the news of the US-China trade deal on Monday.
The hopes around the trade helped to offset the concerns about the supply, with the hints to reach the nuclear deal with Iran.
More petroleums can be determined to flow into global markets if the US reduces sanctions against Iran, which is a major producer of oil.
However, media reports show that there are still points of disputes that need a final agreement.
The International Energy Agency, in its closely seen monthly report, predicted that the demand for global oil would slow down after the “economic headwind” during the remaining 2025.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
