¬†Oil prices soared on Friday, with U.S. futures closing out May with record monthly gains, on hopes that the U.S.-China trade deal would remain intact and on falling crude production. West Texas Intermediate crude futures CLc1 for July delivery settled at $35.49 a barrel, jumping $1.78, or 5.3%. July Brent crude LCOc1 closed at $35.33 a barrel, gaining 4 cents. However, the more active August LCOc2 contract ended at $37.84, rising $1.81, or roughly 5%. Both benchmarks saw steep monthly rises due to falling global production and expectations for demand growth as parts of the United States, including New York City, and other countries move to reopen after coronavirus-related lockdowns. WTI recorded an all-time monthly rise of 88% after trading negative last month. Brent logged an increase of about 40% for its strongest monthly bounce since March 1999. U.S. President Donald Trump said his administration […]