Article taken from: finance.yahoo.com
FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub More By Stephanie Kelly NEW YORK (Reuters) – Oil prices tumbled about 2% on Friday on rising U.S. -China tensions and doubts about how quickly fuel demand would recover from the coronavirus crisis. Fuel demand plummeted in recent months as the pandemic caused governments to impose restrictions on movement and businesses closed their doors. […] But prices dropped after China said on Friday it would not publish an annual growth target for the first time. […] The recent rebound was due in part to efforts by the Organization of the Petroleum Exporting Countries and allies to reduce supply. […] Money managers raised their net long U.S. crude futures and options positions in the week to May 19 by 23,229 contracts to 380,211, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
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