Oil prices continued to pump due to positive Chinese data and inconclusive ceasefire talks between Kazakhstan and Israel

(1) Oil prices pumped on Friday, extending the upward trend as China’s economy showed signs of improvement and Israel-Hamas ceasefire talks failed to produce anything. (2) Brent crude futures pumped 0.57% to $84.36 a barrel; U.S. West Texas Intermediate pumped 0.67% to $79.79. (3) Oil prices rose to a one-week high last day on data showing an increase in China’s crude imports in April and investors saw a cooling U.S. job market suggest a possible interest rate cut. (4) China’s imports and exports resumed rise in April, reversing the contraction in the previous month, indicating that demand has improved. (5) ANZ Research said in a report: "Signs of strong demand in China should support commodity markets well. ” (6) San Francisco Fed President Daly said on Thursday that there is “considerable” uncertainty about the direction of inflation in the United States in the coming months, but she remains confident that price pressures will continue to ease. (7) As for whether the Fed is likely to cut interest rates this year, Daly did not say anything. Financial markets expect the Fed to start its easing cycle in September. (8) Palestinian residents say Israeli forces attacked the Rafah area on Thursday. U.S. President Joe Biden has previously warned that the U.S. will stop supplying weapons to the Israeli army if it attacks the southern Gaza city; Israeli Prime Minister Benjamin Netanyahu dismissed the threat. (9) A senior Israeli official said late Thursday that the latest round of indirect talks in Cairo to stop hostilities in Gaza had ended and that Israel would continue to advance its operations in Rafah and other parts of the Gaza Strip