The US and UK reached a trade agreement, reducing export tariffs on UK automobiles, steel, and other products, significantly boosting market sentiment. With growing investor optimism about upcoming high-level talks between the US and China, international crude oil prices rose by nearly 2% on May 9.

West Texas Intermediate (WTI) crude for June delivery increased by US$1.11 (1.9%), reaching US$61.02/barrel on the New York Mercantile Exchange. Brent crude for the July delivery rose by US$1.07 (1.7%), settling at US$63.91/barrel.