Crude Oil Price Update - Ready to Challenge Major Retracement Zone, Price Gap - FX Empire
U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher. The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China. During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January. Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced. At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%.