Oil Prices Tumble as Trade Tensions Intensify

Crude oil prices experienced a significant drop, falling by more than 2% this Friday. This decline comes in the wake of China's denial of a reported call between United States President Donald Trump and China's President Xi Jinping, further straining the already tense trade relations between the two economic powerhouses.

Market Reactions and Statements

Amid these developments, US Treasury Secretary Scott Bessent emphasized that it is Beijing's responsibility to take steps towards de-escalating the ongoing trade tensions. Investors are closely monitoring the situation, as it has direct implications on global markets.

Price Movements

West Texas Intermediate (WTI) for June deliveries was down by 2.55%, trading at $61.75 per barrel at 11:40 am ET. Similarly, Brent crude for the same month's settlements saw a 2.57% decrease, selling for $65.61 per barrel at 11:41 am ET.