FX.co ★ Oil Ends Week Lower Amid Supply Concerns, Trade Uncertainty

WTI crude oil futures increased by nearly 0.4% to close at $63 per barrel on Friday. However, they still experienced a weekly decline of over 1% due to ongoing concerns about oversupply and uncertainties surrounding U.S.-China trade negotiations. Market sentiment remained cautious as there were reports of progress between the U.S. and Russia towards resolving the conflict in Ukraine, although critical terms have yet to be finalized. Meanwhile, several OPEC+ members are expected to push for a second consecutive month of accelerated output increases in June. Kazakhstan, an influential member of the alliance, indicated it would prioritize its national interests by maintaining production at its key fields. Diverging statements from Washington and Beijing concerning tariff negotiations have further contributed to market volatility, even as China hints at the possibility of easing certain tariffs on U.S. imports. Additionally, geopolitical tensions were heightened as the U.S. implemented new sanctions this week on a significant Iranian figure associated with crude and LPG shipping.