Oil mixed as Chinese data offsets Trump plans to ease lockdown
LONDON: Oil prices were mixed on Friday as China’s worst quarterly economic contraction on record offset President Donald Trump’s plans to revive the US economy.
Brent rose by 41 cents, or 1.5 per cent, to $28.23 a barrel by 1347 GMT, while US crude for June was down 24 cents, or 0.9 per cent, at $25.29.
The less active US crude contract for May tumbled by $1.77, or 8.9 per cent, to $18.10, attributable to the imminent expiry of the contract on April 21 and fast-filling crude storage.
“As the oversupply is more a topic for right now, the May contract trades at a deep discount to June,” said UBS analyst Giovanni Staunovo.
