Oil prices heading for 1% weekly gain on U.S.-China trade detente

Colleen Howe

Thu, May 15, 2025, 5:48 PM 1 min read

By Colleen Howe

BEIJING (Reuters) - Oil prices edged up connected Friday pursuing a crisp driblet successful the erstwhile session, heading for a play summation of much than 1% arsenic U.S.-China commercialized optimism outweighed the prospects of Iranian proviso returning to the market.

Brent crude futures roseate 17 cents, oregon 0.26%, to $64.70 a tube by 0007 GMT. U.S. West Texas Intermediate crude futures roseate 18 cents, oregon 0.29%, to $61.80.

Prices had fallen much than 2% successful the erstwhile league aft President Donald Trump said the U.S. was getting "close" to reaching a atomic woody with Iran and that Tehran had "sort of" agreed to its terms. A root acquainted with the talks nevertheless said determination were inactive gaps to bridge.

Oil prices had surged earlier successful the week aft the U.S. and China, the world's 2 biggest lipid consumers and economies, agreed to a 90-day intermission connected their commercialized warfare during which some sides would sharply little commercialized duties. The hefty tit-for-tat Sino-U.S. tariffs had raised fears of a crisp stroke to planetary maturation and lipid demand.

However, lipid commercialized remains hostage to proviso dynamics, including the anticipation of Iranian supplies returning to marketplace pursuing immoderate woody betwixt Washington and Tehran.

"The easing geopolitical risks weighed connected sentiment already burdened by fears of rising proviso from chap OPEC members," ANZ slope said successful a enactment to clients.

The International Energy Agency said connected Thursday it expects planetary proviso to emergence by 1.6 cardinal barrels per time this year, up 380,000 bpd from the erstwhile forecast, arsenic Saudi Arabia and different OPEC+ members unwind output cuts.

(Reporting by Colleen Howe)