Crude Oil Moves Sharply Higher Despite Ongoing Trading Tensions

(RTTNews) - After showing a lack of direction early in the session, the price of crude oil moved sharply higher over the course of the trading day on Friday.

Crude for May delivery has surged $1.43 or to $61.50 a barrel, partly offsetting the $2.28 or 3.7 percent slump to $60.07 a barrel seen during Thursday's session.

With the sharp increase on the day, the price of crude oil partly offset its losses for the week but still fell by $0.49 or 0.8 percent.

The jump by the price of crude oil came as concerns about rising trade tensions between the U.S. and China were partly offset by comments from White House press secretary Karoline Leavitt saying President Donald Trump is "optimistic" about reaching a trade deal with China.

"The president has made it very clear he's open to a deal with China," Leavitt told reporters. "If China continues to retaliate, it's not good for China."

However, two senior White House officials told CNN that the U.S. will not reach out to China first and that Chinese President Xi Jinping must request a call with Trump.

China has also announced plans to increase tariffs on U.S. imports to 125 percent beginning Saturday, continuing the tit-for-tat exchange on trade seen in recent days.

The 125 percent would match the tariff on China goods announced by President Donald Trump earlier this week, although a White House official told CNBC the effective rate is 145 percent when combined with a 20 percent fentanyl-related tariff.