Oil prices fell Friday, on track for sharp weekly losses as expectations of increased OPEC+ supply and lingering uncertainty over U.S.-China tariff talks weighed on sentiment. At 08:10 ET (12:10 GMT), Brent Oil Futures expiring in June fell 1.2% to $65.70 per barrel, while West Texas Intermediate WTI crude futures dropped 1.2% to $62.06 per barrel. Both contracts were set to decline over 3% this week, having fallen more than 10% in April. Potential OPEC+ output hike weighs Several OPEC+ nations are pushing to accelerate oil output hikes in June, extending May's surprise boost, as...
Gold declined more than 1% on Friday and was headed for a weekly fall as news that China has exempted some U.S. goods from its tariffs raised hopes of a de-escalation in trade tensions. Spot gold was down 1.5% at $3,296.19 an ounce as of 1136 GMT. It hit a record high earlier this week. U.S. gold futures shed 1.3% to $3,306.50. "Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows," said Zain Vawda, analyst at MarketPulse by OANDA. China has exempted some U.S. imports from its 125% tariffs and is asking firms to...
Oil prices edged up on Friday but fell for the week, pressured by market expectations of a supply glut and uncertainty surrounding tariff talks between the U.S. and China. Brent crude settled 32 cents higher at $66.87 a barrel, bringing losses to 1.6% for the week. U.S. West Texas Intermediate crude rose 23 cents to $63.02 a barrel, marking a weekly decline of 2.6%. China exempted some U.S. imports from its high tariffs in a sign on Friday that the trade war between the world's top two economies may be easing, although Beijing quickly dismissed U.S. President Donald Trump's assertion that...