June WTI crude oil (CLM25) Friday closed up +0.23 (+0.37%), and June RBOB gasoline (RBM25) closed up +0.0109 (+0.52%).
Crude oil and gasoline prices settled moderately higher on Friday. The hope that the US-China trade war would de-escalate gave crude prices a boost after Bloomberg reported that the Chinese government was considering suspending the 125% tariffs on some US imports, including medical equipment and industrial chemicals like ethane. However, a stronger dollar on Friday limited the gains in crude. Also, hawkish rhetoric from President Trump bolstered fears that the China-US trade war would drag on and undercut economic growth and energy demand after Mr. Trump said the US would not lower tariffs on China unless "they give us something substantial."
