Oil Prices Rise 4% Weekly on US-China Trade Optimism, Brent at $63.27, WTI at $60.76

12 posts • Grok (2)

Updated May 9, 2025, 02:50 PM

Oil prices rose on Friday, poised for a weekly gain of about 4% as trade tensions between the U.S. and China showed signs of easing. Brent crude increased by 83 cents to $63.27 a barrel, while U.S. West Texas Intermediate crude rose by 85 cents to $60.76. The market's optimism was fueled by the anticipation of trade talks between the U.S. and China, set to take place this weekend in Switzerland, and the recent U.S.-UK trade deal.

The U.S.-UK agreement, announced by President Donald Trump and British Prime Minister Keir Starmer, included exemptions for the UK from steel and aluminum tariffs and a reduction of tariffs on automobiles to 10%. This deal is seen as a potential template for future agreements, which could further support oil prices by improving global trade prospects.

Additionally, Chinese exports rose faster than expected in April, and imports narrowed their decline, providing Beijing with some relief ahead of the tariff talks. China's crude oil imports in April were up 7.5% year on year, buoyed by stockpiling by state refiners during maintenance outages. The positive trade data from China, coupled with the upcoming negotiations between U.S. Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng, contributed to the bullish sentiment in the oil market. Meanwhile, OPEC+ plans to increase output, and tighter U.S. sanctions on Iran could restrict supply and push prices higher.

More breaking stories on DeepNewz — updated live.