COMMODITY
Crude oil futures end higher amid U.S.-China trade tensions
May-10-2025

Crude oil futures closed sharply higher on Friday amid optimism about a potential U.S.-China trade deal, ahead of Treasury Secretary Scott Bessent's talks with Chinese officials in Switzerland this weekend. Meanwhile, a private report stated that the U.S. is hoping to slash its China tariffs to below 60 percent from the current level of at least 145 percent during the weekend talks. However, President Donald Trump said that a higher 80% tariff on China seems right, partly offsetting the positive sentiment. Trump also noted that many trade deals are in the hopper, although traders remain cautious even after yesterday’s announcement of the framework for a U.S.-U.K. trade deal.

Benchmark crude oil futures for May increased $1.11 or about 1.85% at $61.02 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $1.07 or 1.70% to settle at $63.91 a barrel on London's Intercontinental Exchange.


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