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Oil prices tumbled after President Donald Trump said he told OPEC to take action to temper fuel costs.

Author:
Valentin Lazarov
Market News

The S&P 500 and Nasdaq Composite closed at record highs on Friday as better-than-expected economic data offset a mixed batch of corporate earnings.

The S&P 500 climbed 0.5% to 2,939.88, an all-time closing high. The tech-heavy Nasdaq ended the day up 0.3% at 8,146.40. The Dow Jones Industrial Average rose 81.25 points to 26,543.33 and closed 1.5% below its all-time high.

Oil prices tumbled as much as 4% on Friday, extending early losses after President Donald Trump said he told OPEC to take action to temper fuel costs.

Still, U.S. West Texas Intermediate crude futures settled $1.91 lower at $63.30 per barrel, plunging 2.9% on the day and ending the week down 1.1%. WTI had been on track for its eighth successive weekly gain, the longest weekly run since the first half of 2015.

Gold jumped to a near 2-week high on Friday, en route to its best week in 12, as the dollar slipped on tepid inflation data from the United States, which outweighed an overall strong first-quarter growth report.

Spot gold gained 0.8 percent to $1,287.62 per ounce, after hitting its highest since April 16 at $1,288.

The metal, which reached its lowest since late December on Tuesday at $1,265.90, is up 1 percent so far this week, and set to post its best weekly gain since Feb 1.

U.S. gold futures rose $9.10 higher at $1,288.80.

Source:CNBC

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.