FX.co ★ Oil Set for Weekly Gain

West Texas Intermediate (WTI) crude oil futures steadied around $61 per barrel on Friday, positioning for a weekly increase as optimism over US-China trade relations eclipsed concerns about a global oil glut. Earlier this week, both nations agreed on a 90-day cessation of their trade conflict, committing to significantly reduce tariffs in a move hailed as a breakthrough to alleviate demand anxieties from the primary oil-consuming economies. However, potential gains were tempered by reports of a possible agreement between Iran and the US concerning sanctions relief. President Trump expressed optimism regarding ongoing peace negotiations with Iran, raising expectations of an augmented Iranian oil supply. Further compounding these dynamics, data from the US government showed an unexpected rise in crude inventories. The International Energy Agency (IEA) also revised its global supply prediction upward by 380,000 barrels per day, attributing this to production escalations from Saudi Arabia and other members of the OPEC+ alliance as they gradually reverse previous output cuts.