Oil Prices Take a Hit as Trade Worries Deepen

Crude oil prices continued their downward trajectory, shedding more than 2% on Friday. This decline comes in the wake of China's denial of a purported call between its President Xi Jinping and US President Donald Trump, further stoking fears over the ongoing trade tensions between the two global powerhouses.

Market Reactions and Statements

West Texas Intermediate (WTI) for June deliveries fell by 2.55% to $61.75 per barrel by 11:40 am ET. Similarly, Brent crude for the same month dropped by 2.57%, trading at $65.61 per barrel at 11:41 am ET. Amid these developments, US Treasury Secretary Scott Bessent emphasized that the onus is on Beijing to take steps towards de-escalating the trade dispute.