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Oil Prices Swing as U.S, China Tensions Rise

WTI futures swung between gains and losses on Friday, trading around $41 a barrel and Brent crude around $43.3 a barrel amid rising tensions between the US and China, a spike in coronavirus infections and concerns about the strength of the American recovery.

Beijing ordered Washington to close its consulate in Chengdu, in response to the US decision to close the Chinese consulate in Houston.

Also, the claims report for the US released on Thursday showed initial claims increased for the first time in 4 months, casting doubts about a fast recovery.

On the coronavirus front, the US death toll passed 1K on Thursday for the 3rd day.

On the week however, WTI futures are track to gain near 1% and Brent crude near 0.5%.

About Babajide Iletogun

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