Oil Rises 1%, Boosted by Stock Market Rebound
Wall Street returned to normal on Friday, buoyed by a technical rebound ahead of the weekend following several days of losses.
International oil prices also climbed, benefiting from renewed optimism in stock markets after a sharp downturn. Crude prices are now attempting to stabilize after a significant drop.
In London, Brent crude futures for May delivery rose 1.00% to $70.58 per barrel. Meanwhile, in New York, West Texas Intermediate (WTI) crude for April delivery gained 0.95%, closing at $67.18 per barrel.
Oil Prices Reflect Stock Market Recovery
This rebound in crude prices mirrors Wall Street’s return to positive territory, as investors reacted to recent market declines and uncertainty surrounding Donald Trump’s trade policies. The administration’s tariff hikes against allies like Mexico and Canada, along with competitors such as China, continue to fuel market volatility.
Despite Friday’s gains, the outlook for oil prices remains bearish.
For eight consecutive days, Brent crude has traded within a narrow range of $69.28 to $71.04 per barrel, reflecting prolonged market caution. The persistently low levels highlight investors’ deep concerns about the global economy, driven by aggressive U.S. policy measures.
Gold Reaches a New Record
Gold crossed the psychological milestone of $3,000 per ounce for the first time on Friday morning, driven by a historic surge. Rising trade tensions and increasing bets on a Federal Reserve rate cut have strengthened its appeal as a safe-haven asset.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals