Trade Tensions Fuel Oil Price Drop

Crude oil prices experienced a significant decline, dropping more than 2% this Friday. This downturn comes in the wake of China's denial of a claimed conversation between United States President Donald Trump and China's President Xi Jinping, further straining the already tense trade relations between the two global powers.

Market Reactions

West Texas Intermediate (WTI) for June deliveries fell by 2.55% to $61.75 per barrel, while Brent for the same month's settlements saw a 2.57% decrease, selling for $65.61 per barrel. These figures were recorded at 11:40 am and 11:41 am ET, respectively.

Call for De-escalation

Amidst these developments, US Treasury Secretary Scott Bessent emphasized that it is Beijing's responsibility to take steps towards de-escalating the ongoing trade tensions, highlighting the critical role of diplomatic engagements in resolving the dispute.