Crude Oil Extends Yesterday's Surge, Spikes 4.7% For The Week

(RTTNews) - Crude oil futures moved sharply higher during trading on Friday, extending the strong upward move seen in the previous session.

After surging $1.84 or 3.2 percent to $59.91 a barrel during Thursday's session, crude for June delivery crude for June delivery jumped $1.11 or 1.9 percent to $61.02 a barrel.

With the spike seen over the past two days, the price of crude oil soared by 4.7 percent for the week.

The extended surge by crude oil came amid optimism about a potential U.S.-China trade deal ahead of Treasury Secretary Scott Bessent's talks with Chinese officials in Switzerland this weekend.

A Bloomberg report citing people familiar said the U.S. is hoping to slash its China tariffs to below 60 percent from the current level of at least 145 percent during the weekend talks.

However, President Donald Trump said in a post on Truth Social that a higher "80% Tariff on China seems right," partly offsetting the positive sentiment.

Trump also said many trade deals are "in the hopper," although traders remain cautious even after yesterday's announcement of the framework of a U.S.-U.K. trade deal.