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CRUDE OIL SLIDES SHARPLY TOWARD MAJOR SUPPORT NEAR $55

CRUDE OIL was closed on Friday at weekly lower levels after testing the high level of $ 63 in the last trading session as WTI crude oil futures slid 4.2% to settle at $58.2 a barrel on Friday, the lowest since May 7, as renewed US-China trade tensions rattled markets. President Trump threatened a “massive increase” in tariffs on Chinese goods and hinted at canceling his upcoming meeting with President Xi Jinping, raising concerns that a trade war could slow global economic growth and curb oil demand.