Crude Oil Shows Substantial Move Back To The Upside
(RTTNews) - After ending the previous session sharply lower, crude oil futures showed a strong move back to the upside during trading on Thursday.
Crude for June delivery surged $1.84 or 3.2 percent to settle $59.91 a barrel after tumbling $1.02 or 1.7 percent to $58.07 a barrel during Wednesday's session.
The rebound by the price of crude oil came after President Donald Trump unveiled the framework of the trade agreement with the U.K.
While noting the final details are still "being written up," Trump claimed the deal includes billions of dollars of increased market access for American exports, especially in agriculture, and will see the U.K. reduce or eliminate numerous non-tariff barriers.
Even with the deal, the 10 percent tariff Trump imposed on most countries in early April will remain in place for imports from the U.K.
The announcement helped further ease uncertainty about trade following yesterday's news that Treasury Secretary Scott Bessent will meet with China's lead representative on economic matters during a trip to Switzerland.
