Crude Oil Shows Strong Move Back To The Upside
(RTTNews) - Crude oil futures showed a strong move to the upside during trading on Friday, regaining ground following the sharp pullback seen over the two previous sessions.
After plunging $1.53 or 2.4 percent to $61.62 a barrel during Thursday's session, crude for June delivery jumped $0.87 or 1.4 percent to $62.49 a barrel.
With the rebound on the day combined with the sharp increase seen earlier in the week, the price of crude oil surged by 2.4 percent for the week.
The weekly gain came amid optimism about U.S. trade policy following Monday's news of a U.S.-China trade deal temporarily slashing steep tariffs on each other's goods.
The hopes surrounding trade helped offset concerns about supply amid indications the U.S. is close to reaching a nuclear deal with Iran.
More petroleum could be set to flow into global markets if the U.S. eases sanctions against Iran, which is a major producer of oil.
However, media reports suggest that there are still points of contention that require a final agreement.
The International Energy Agency predicted in its closely watched monthly report that global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to "economic headwinds."
