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Oil Sinks on Demand Jitters, U.S.-China Tensions, but on Track for Biggest Monthly Rise in 11 years


Friday, 29 May 2020 19:24 WIB

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Oil futures fell Friday, with traders citing uncertainty about demand for fuel and rising U.S.-China tensions over Hong Kong, but the U.S. crude benchmark remained on track for its biggest monthly rise in more than a decade.

West Texas Intermediate crude for July delivery was down 88 cents, or 2.6%, at $32.83 a barrel on the New York Mercantile Exchange, while August Brent the global benchmark, was off 81 cents, or 2.3%, at $35.22 a barrel.

Through Thursday, WTI futures, the U.S. benchmark, were up 78.9% for May, on track for the biggest monthly rise since May 2009, according to Dow Jones Market Data. Brent was up 39.7% for the month, its strongest rise since April 2015.

Global equities and other assets perceived as risky were under pressure after President Donald Trump said he would hold a Friday news conference to discuss the U.S. response to China's efforts to impose new security laws on Hong Kong that could undercut the territory’s autonomy.

Source : Marketwatch


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