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Oil futures turned sharply higher on a report that the Trump administration may delay tariffs on Mexican imports

Valentin Lazarov
Market News

Oil futures turned sharply higher heading into Thursday’s settlement, tracking a rally in equities on a report that the Trump administration may delay tariffs on Mexican imports.

Crude futures traded mostly flat throughout Thursday’s session as sentiment remained weak amid fresh signs of a stalling global economy and ongoing concerns about growth in supply.

U.S. West Texas Intermediate crude futures settled 91 cents higher at $52.51 per barrel, posting a 1.8% gain on the day. WTI was last trading up $1.50, or 2.9%, at $53.18 after the settlement.

Gold prices rose on Thursday, continuing last week’s strong run as persistent fears about the impact of trade wars on the economy and rising expectations for a U.S. interest rate cut embellished the metal’s appeal.

Spot gold rose 0.5% to $1,336.64 per ounce. U.S. gold futures settled $9.10 higher at $1,342.70.

Stocks rose on Thursday as investors speculated that the U.S. and Mexico are getting closer to a resolution over immigration issues that would delay the tariffs threatened by President Donald Trump.

The Dow Jones Industrial Average gained 181.09 points to 25,720.66, bringing its gain for the week to more than 900 points and putting it on pace for its best week of the year. The S&P 500 rose 0.61% to 2,843.49 while the Nasdaq Composite gained 0.53% to 7,615.55.

The talks between U.S. and Mexican officials resumed Thursday afternoon after they failed to reach an agreement on Wednesday. Martha Barcena Coqui, Mexico’s ambassador to the U.S., told CNBC on Thursday that negotiators had “a very good discussion, a very good debate. ”




International Financial Markets Department

Euro-Finance Ltd.



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