WTI crude futures climbed above $66 per barrel on Friday, extending gains for a second session as optimism over US trade deals lifted market sentiment. Reports suggest the US and EU are nearing an agreement that would impose a 15% tariff on most EU goods, following a similar pact with Japan.
Potential trade agreements with India, Mexico, and Brazil are also on the horizon. Expectations that easing trade tensions could bolster global economic growth helped ease concerns over future oil demand. On the supply side, tightening conditions in the global diesel market added further support.
The EU has intensified restrictions on Russian oil imports, pushing diesel prices higher. Meanwhile, Russia temporarily halted oil exports from its Black Sea ports, and the US and EU are reportedly considering additional sanctions targeting Russian energy exports.
Source: Trading Economics
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