Oil prices are poised to notch weekly gains of over 3%, supported by renewed confidence in global trade talks. In early Friday trading, Brent crude rose 0.9% to $63.38 per barrel, while West Texas Intermediate (WTI) climbed to $60.44 per barrel.
Investor sentiment was lifted after the United States secured a trade agreement with the United Kingdom—the first such deal with a major trading partner since President Donald Trump introduced broad-based tariffs. A high-level meeting between U.S. and Chinese officials is also scheduled for the weekend, fueling hopes for further progress on trade.
“Easing trade tensions helped lift crude oil prices,” analysts at ANZ Research noted in a briefing. “The U.K. deal raises investor confidence that agreements with other countries can be reached despite more complicated issues.”
While China’s export data for April showed stronger-than-expected growth, the country’s oil imports edged lower compared to March, slightly tempering the market’s momentum. Nonetheless, trade optimism remains a key driver of this week’s rally in crude prices.
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