WTI crude futures fell 0.8% to $70.70 a barrel on Friday, but are up about 1% this week, as hopes for a peace deal between Russia and Ukraine eased supply concerns. President Donald Trump has resumed peace talks after Putin and Zelenskiy signaled interest in ending the conflict. The potential lifting of sanctions on Moscow could boost global energy supplies, although the International Energy Agency noted that Russian oil exports may continue through alternative channels.
Meanwhile, a delay in reciprocal U.S. tariffs provided some stability to oil prices, as investors grew more optimistic about the potential for a trade deal. U.S. Treasury Secretary Scott Bessent also hinted at possible economic pressure on Iran, adding further uncertainty to the market. Despite recent volatility, global oil demand has risen to 103.4 million barrels per day, driven by increased consumption of mobility and heating fuels, according to JPMorgan analysts. (Newsmaker23)
Source: Trading Economics
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