Oil prices see shaky gains
Oil prices went up on May 25, negating the losses of the earlier sessions. The investors are optimistic about economic reopenings around the world and are hoping for a growing demand.
By 06:36 GMT, Brent gained 0.2% and stood at US$25.19. US oil added 0.82% and stood at US$33.52 per barrel. The trading, however, was relatively thin, as NY, London and Singapore are closed for the holidays.
The major contracts have been growing for the last four weeks. Nevertheless, overall price level is still off 45% in 2020.
Oil gains are unlikely to last, since global trade is once again impacted by US-China. Beijing is reviewing the latest security laws, which will, supposedly, severely limit the autonomy of Hong Kong. Protests and clashes with the police came back soon after.
The tensions became even more heated because of the US position on the issue. President Trump warned about a “very strong” retaliation. The Commerce Department already blacklisted 33 companies and organizations from China.