Crude Oil Extends Rebound But Closes Lower For The Week

(RTTNews) - Crude oil futures moved modestly higher during trading on Friday, extending yesterday's rebounding seen from the steep drop on Wednesday.

After climbing $0.52 or 0.8 percent to $62.79 a barrel on Thursday, crude for June delivery rose $0.23 or 0.4 percent to $63.02 a barrel.

Despite the increase on the day, crude for June delivery tumbled $0.99 a barrel or 1.6 percent for the week.

The price of crude oil recovered from an early slump to end the day higher amid signs of easing trade tensions between the U.S. and China, with President Donald Trump refuting China's claims that the two countries have not held any trade negotiations.

"They had a meeting this morning," Trump told reporters on Thursday. "It doesn't matter who 'they' is. We may reveal it later, but they had meetings this morning, and we've been meeting with China."

Several reports citing U.S. businesses also said China has exempted some U.S. imports from its 125 percent tariffs

However, crude oil still slumped for the week due in part to a report from Reuters citing three sources familiar with OPEC+ talk said several members will suggest the group accelerates oil output hikes in June for a second consecutive month.