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Tuesday, May 24, 2022

Oil Prices Recover as Trade Hopes Bolster Rebound

Oil Prices Recover as Trade Hopes Bolster Rebound© Reuters. Crude rebounds for first time this week as trade tensions ease

Investing.com – Oil prices traded slightly higher on Thursday, breaking a three-day losing streak, as hopes the U.S. and China could reconcile recent trade tensions eased worries over the impact on the global economy.

New York-traded gained 35 cents, or 0.54% to $65.36 a barrel by 11:42 AM ET (15:42 GMT).

Meanwhile, , the benchmark for oil prices outside the U.S., rose 32 cents, or 0.45%, to $71.08.

White House economic advisor Larry Kudlow confirmed Thursday that , leading to hopes that the world’s two largest economies will begin to tone down tit-for-tat tariffs and avoid a global economic meltdown.

Crude has been under pressure as trade tensions have spurred worries of negative impact to the global economy, reducing demand for black gold.

Thursday’s more optimistic outlook on trade helped crude undergo a slight bounce on Thursday, following a three-day losing streak. U.S. crude ended Wednesday’s session with a 3% plunge after U.S. inventory data showed crude stockpiles had unexpectedly risen by 6.8 million barrels, surprising consensus that had forecast a draw of around 2.5 million barrels.

Also supporting gains, the dollar edged lower on Thursday, making the dollar-denominated asset more attractive to holders of foreign currency.

In other energy trading, fell 0.81% to $1.9758 a gallon by 11:44 AM ET (15:44 GMT), while inched up 0.09% to $2.0922 a gallon.

Lastly, traded down 1.12% to $2.907 per million British thermal units, after showed a larger-than-expected build.

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Source: Investing.com

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