WTI crude oil futures climbed 1.9% to settle at $64.60 per barrel on Friday, marking their first weekly gain in three weeks with a rise of over 6.5%.
The rebound was fueled by renewed optimism after trade talks resumed between US President Donald Trump and China's President Xi Jinping, raising hopes for stronger global demand. Sentiment was further lifted by news that Canada had also entered direct trade discussions with the US. Despite the gains, the oil market remains volatile amid geopolitical tensions, including the potential for increased US sanctions on Venezuela and the risk of Israeli strikes on Iranian infrastructure.
On the supply front, Saudi Arabia trimmed its July crude prices for Asia to near two-month lows, a smaller cut than expected after OPEC+ agreed to raise output by 411,000 barrels per day. The move reflects efforts to balance rising demand with output discipline.
Source: Trading Economics
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