22.3 C
New York
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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles