Crude oil prices fluctuated over the course of the trading day on Friday following the strong upward move seen in the previous session.
After jumping $1.58 to $66.02 a barrel on Thursday, crude for April delivery bounced back and forth across the unchanged line before closing down $0.41 at $65.61 a barrel.
The choppy trading on the day came as traders remained optimistic about the outlook for energy demand but seemed reluctant to continue pushing oil prices higher.
A jump by U.S. treasury yields may have kept buying interest somewhat subdued, with the yield on the benchmark ten-year note surging back above 1.6 percent to its highest levels in over a year.
The increase in yields came after President Joe Biden directed states to make all adults eligible for a coronavirus vaccine by May 1st.
The vaccine news combined with the new $1.9 trillion stimulus package has generated optimism about the economic outlook, reducing the appeal of bonds. Bond yields move in opposite direction to prices.
Yields saw further upside following the release of a report from the University of Michigan showing U.S. consumer sentiment improved by much more than expected in the month of March.
The material has been provided by InstaForex Company – www.instaforex.com