Crude Oil Prices Take a Hit

Crude oil prices experienced a significant drop, decreasing by more than 2% this Friday. This decline comes in the wake of China's denial of a claimed conversation between United States President Donald Trump and China's President Xi Jinping, sparking renewed concerns over the trade relations between the two global powerhouses.

Market Reactions

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

Call for De-escalation

Amidst these developments, US Treasury Secretary Scott Bessent emphasized that it is Beijing's responsibility to take steps towards reducing trade tensions, highlighting the delicate state of US-China trade relations.