FX.co ★ WTI Crude Oil Rises Above $64

On Friday, WTI crude oil futures climbed above $64 per barrel. This increase was driven by a stronger-than-anticipated US jobs report, which alleviated economic concerns and bolstered demand projections. Additionally, tensions between President Trump and Elon Musk seemed to have diminished, while an anticipated US-China trade meeting within the next week contributed to the optimistic market outlook. In Canada, wildfires had temporarily reduced approximately 7% of the nation's oil production, but recent rainfall has aided in controlling the fires. Concurrently, Saudi Arabia indicated intentions to advocate for a substantial production hike within OPEC+, urging an increase of at least 411,000 barrels per day in August, and potentially September, to satisfy summer demand. These developments helped oil prices rebound, positioning WTI for a 6% weekly gain following two consecutive weeks of declines.