Oil fell 5% on Friday towards $34 a barrel as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis.
FILE PHOTO: A TORC Oil & Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. REUTERS/Todd Korol/File Photo
Brent crude dropped $1.57, or 4.4%, to $34.49 a barrel at 1005 GMT, after falling as low as $33.54. U.S.“Investors are once again having to contend with an intensifying war of words between the U.S. and China,” said Stephen Brennock of broker PVM.Oil has slumped in 2020, with Brent hitting a 21-year low below $16 in April and U.S. crude falling below zero. With fuel use rising and supply cuts starting, Brent has since more than doubled and was on track for a fourth weekly gain.
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