Current Headlines

  • Brent crude prices hit a one-month high on Friday, reaching a peak of $32.25/bbl due to growing confidence in China’s demand recovery, as Chinese refineries begin to increase output following positive crude oil consumption figures released for April.
  • GBP fell to its lowest level against USD since late-March on Friday, hitting 1.212 during afternoon trading after David Frost, the UK’s chief Brexit negotiator, accused the EU of taking an ‘ideological approach’ to negotiations, leading to very little progress being made.
  • The relationship between the US and China worsened towards the end of last week, with President Trump stating he had ‘no interest’ in talks with President Xi – the US has threatened to cut ties with China over its handling of the coronavirus outbreak.

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