Oil prices rose more than 1% on Friday, poised for a weekly gain as trade tensions between top oil consumers China and the United States showed signs of easing and Britain announced its own U.S. trade deal.
Brent crude firmed by $1.19, or about 1.9%, to $64.03 a barrel by 1021 GMT. U.S. West Texas Intermediate crude was up $1.21, or about 2%, at $61.12. On the week, both contracts were on track to rise more than 4%.
Oil prices rose more than 1% on Friday, poised for a weekly gain as trade tensions between top oil consumers China and the United States showed signs of easing and Britain announced its own U.S. trade deal.
Brent crude firmed by $1.19, or about 1.9%, to $64.03 a barrel by 1021 GMT. U.S. West Texas Intermediate crude was up $1.21, or about 2%, at $61.12. On the week, both contracts were on track to rise more than 4%.
Meanwhile Chinese exports rose faster than expected in April while imports narrowed their decline, customs data showed on Friday, giving Beijing some relief ahead of tariff talks.
The country's crude oil imports in April dipped from the previous month but were up 7.5% year on year, buoyed by stockpiling by state refiners during maintenance outages.
Elsewhere, the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, plan to increase output, maintaining pressure on oil prices.
Separately, U.S. President Donald Trump and British Prime Minister Keir Starmer announced that Britain had agreed to lower tariffs on U.S. imports.
A Reuters survey found that OPEC oil output edged lower in April as production declines in Libya, Venezuela and Iraq outweighed a scheduled increase in output.
Source: Reuters
Oil prices rose in Asian trading on Wednesday, lifted by optimism over a new U.S.-Japan trade deal and further supported by data showing a decline in U.S. crude stockpiles. As of 22:07 ET (02:07 GMT)...
Brent rose toward $69 a barrel after a three-day decline, while West Texas Intermediate was near $66 a barrel. President Donald Trump unveiled an agreement with the Philippines setting a 19%...
Oil prices plummeted on Tuesday (July 23) for the third straight session, as hopes for a trade deal between the U.S. and Europe faded, fueling concerns of an economic slowdown in the world's largest o...
Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by ...
Oil prices fell sharply on Tuesday morning as concerns about a trade war between the United States and the European Union resurfaced, fueling fears of a decline in fuel demand. These tensions weighed ...
Gold prices weakened on Wednesday (July 23) due to improved risk appetite after US President Donald Trump announced a trade deal with Japan ahead of the upcoming tariff deadline. However, a weaker dollar and lower Treasury yields limited losses for...
Indonesia has agreed to eliminate tariffs on more than 99% of U.S. goods and scrap all non-tariff barriers facing American firms, while the U.S. will drop threatened tariffs on Indonesian products to 19% from 32%, the two countries said on...
The Pound Sterling (GBP) gains against its peers, except antipodeans, on Wednesday. The British currency attracts bids even as United Kingdom (UK) fiscal risks have resurfaced, following the government borrowings report from the Office for National...
Asia-Pacific markets traded mixed Monday, as investors keep a close watch on the People's Bank of China's decision on its 1-year and 5-year loan...
A 19% U.S. tariff on Indonesian exports could take effect earlier than the previously expected August 1 deadline, Indonesia's chief economic...
European stocks posted slight declines on Monday (July 21st) as markets continued to assess the trade outlook in the European Union. The Eurozone...
European stocks opened the week on a cautious note, with both the STOXX 50 and STOXX 600 hovering near the flatline as investors closely monitor...