COMMODITY
Crude oil futures end sharply higher amid US-UK trade deal
May-09-2025

Crude oil futures ended sharply higher on Thursday after President Donald Trump unveiled the framework of the trade agreement with the UK. While noting the final details are still being written up, Trump claimed the deal includes billions of dollars of increased market access for American exports, especially in agriculture, and will see the UK reduce or eliminate numerous non-tariff barriers. Besides, the announcement helped further ease uncertainty about trade following yesterday's news that Treasury Secretary Scott Bessent will meet with China's lead representative on economic matters during a trip to Switzerland.

Benchmark crude oil futures for June delivery jumped $1.84 or 3.17 percent to $59.91 a barrel on the New York Mercantile Exchange. Brent crude for July delivery surged $1.72 or 2.81 percent to settle at $62.84 a barrel on London's Intercontinental Exchange.


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