COMMODITY
Crude oil futures end higher on Monday
May-13-2025

Crude oil futures closed higher on Monday, amid optimism about the outlook for demand after the US and China reached a trade deal that drastically reduces the massive tariffs on each other's goods. The White House has said that the agreement calls for the US and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff. Meanwhile, the US will retain tariffs imposed in response to the fentanyl national emergency, resulting in an effective tariff rate on Chinese goods of 30 percent. Besides, the White House said the 34 percent reciprocal tariffs on U.S. and Chinese goods will be suspended for 90 days beginning Wednesday, May 14.

Benchmark crude oil futures for Jun increased $0.93 about 1.52% at $61.95 a barrel on the New York Mercantile Exchange. Brent crude for Jul delivery gained $1.05 or 1.64% to settle at $64.96 a barrel on London's Intercontinental Exchange.


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