FX.co ★ Oil Heads for Weekly Gain on US-China Trade Talks

WTI crude oil futures edged upward, approaching $61 per barrel on Friday, primed for a weekly increase. This upward momentum is largely attributed to indications of easing trade tensions among major economies. Investors are optimistic as forthcoming discussions between the US and China in Switzerland raise hopes for advancements in resolving their ongoing trade conflict, which has exerted downward pressure on global oil demand. President Trump suggested a potential reduction in tariffs on China, despite previously contemplating an 80% levy, revealing internal deliberations within his administration. Simultaneously, a newly unveiled US-UK trade agreement, hailed as a significant "breakthrough," has buoyed overall market sentiment. Additionally, Chinese trade figures have injected some optimism, showing unexpected growth in exports during April, alongside a 7.5% increase in oil imports from the previous year. This rise was facilitated by refiners capitalizing on lower prices amid maintenance activities at their facilities.