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Oil prices held steady early Friday following a sharp rally in the previous session, fueled by easing U.S.-China trade tensions and a new trade agreement between the U.S. and the UK. Brent crude inched up 7 cents to $62.91 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 7 cents to trade at $59.98 as of 0121 GMT. This comes after Brent rose 2.8% and WTI jumped 3.2% on Thursday.
Investor sentiment improved as U.S. Treasury Secretary Scott Bessent prepares to meet China’s Vice Premier He Lifeng in Switzerland on May 10, aiming to resolve trade disputes that have threatened global crude oil demand. Simultaneously, U.S. President Donald Trump and British Prime Minister Keir Starmer announced a breakthrough trade deal, with the UK slashing tariffs on U.S. goods to 1.8% from 5.1%. The U.S., in turn, lowered duties on British car imports but retained a 10% tariff on most other goods.
Meanwhile, oil supply dynamics remain in focus. OPEC+ is expected to gradually boost output, though a Reuters survey shows April production dipped due to declines in Libya, Venezuela, and Iraq. These cuts offset scheduled increases, potentially limiting the downward pressure on prices.
Additionally, stricter U.S. sanctions on Iran could tighten global supply. Recent penalties against two Chinese refiners for purchasing Iranian crude have disrupted their operations, forcing them to offload oil under alternative labels, sources told Reuters.
While geopolitical developments support prices, rising supply from OPEC+ could cap gains in the near term. Traders are closely watching upcoming trade talks and sanctions enforcement for further market direction.
