Oil drilling rigs
Oil prices climbed on Friday after China expressed openness to holding discussions with the US regarding tariffs. 
Brent crude futures for July delivery rose 0.7%, or 44 cents, to $62.57 per barrel as of 7:56 am KSA time.
US West Texas Intermediate (WTI) crude futures for June delivery also gained 0.75%, or 45 cents, to $59.59 per barrel.
Despite the uptick, both benchmarks are on track to post weekly losses of more than 6%, amid concerns about weakening demand due to the ongoing trade war between the world’s two largest economies, and as the OPEC+ alliance prepares to ramp up supply.
China’s Ministry of Commerce stated that Beijing is considering a US proposal for talks aimed at addressing the sweeping tariffs imposed by President Donald Trump, signaling a possible easing in trade tensions.
Reuters reported that Fitch’s BMI research unit said in a note that increased supply from non-OPEC producers and an anticipated slowdown in global oil demand growth could lead to an abnormal decline in oil prices.
Oil drilling rigs
Oil prices climbed on Friday after China expressed openness to holding discussions with the US regarding tariffs.
Brent crude futures for July delivery rose 0.7%, or 44 cents, to $62.57 per barrel as of 7:56 am KSA time.
US West Texas Intermediate (WTI) crude futures for June delivery also gained 0.75%, or 45 cents, to $59.59 per barrel.
Despite the uptick, both benchmarks are on track to post weekly losses of more than 6%, amid concerns about weakening demand due to the ongoing trade war between the world’s two largest economies, and as the OPEC+ alliance prepares to ramp up supply.
China’s Ministry of Commerce stated that Beijing is considering a US proposal for talks aimed at addressing the sweeping tariffs imposed by President Donald Trump, signaling a possible easing in trade tensions.
Reuters reported that Fitch’s BMI research unit said in a note that increased supply from non-OPEC producers and an anticipated slowdown in global oil demand growth could lead to an abnormal decline in oil prices.
