Oil prices soared on Friday, with US futures closing out May with record monthly gains, on hopes that the US-China trade deal would remain intact and on falling crude production.[NEW YORK] Oil prices soared on Friday, with US futures closing out May with record monthly gains, on hopes that the US-China trade deal would remain intact and on falling crude production.
West Texas Intermediate crude futures for July delivery settled at US$35.49 a barrel, jumping US$1.78, or 5.3 per cent. July Brent crude closed at US$35.33 a barrel, gaining four US cents. However, the more active August contract ended at US$37.84, rising US$1.81, or roughly 5 per cent. Both benchmarks saw steep monthly rises due to falling global production and expectations for demand growth as parts of the United States, including New York City, and other countries move to reopen after coronavirus-related lockdowns.
WTI recorded an all-time monthly rise of 88 per cent after trading negative last month. Brent logged an increase of about 40 per cent for its strongest monthly bounce since March 1999.
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