People were optimistic that the US President might cut tariffs. However, a strong US dollar prevented big gains. A Russia-led ceasefire is expected to start this week. Tensions between India and Pakistan, which have seen some of the worst fighting in years, also weighed on the market.
While crude oil prices rose this week, concerns about the economy and weak demand for crude oil kept prices near four-year lows. Prices also felt pressure from the recent increase in oil production by OPEC+ countries.
The US President also said that tariffs on Chinese goods could be reduced by 145% to 50%, depending on how the weekend talks go. This helped improve investor confidence. A strong US dollar also prevented crude oil prices. After the US President’s announcements, the dollar rose sharply, which puts pressure on crude and other commodities that are usually priced in dollars.
