Federal Reserve Chairman Jerome Powell reiterated that there is no rush to cut interest rates, and tensions between the US and China persist ahead of trade negotiations. International crude oil prices fell on May 7.
West Texas Intermediate (WTI) crude for June delivery decreased by 1.7%, reaching US$58.07/barrel on the New York Mercantile Exchange. Brent crude for the July delivery dropped by 1.7%, settling at US$61.12/barrel.