Oil prices rose during Friday’s trading, heading for weekly gains, as markets assessed US President Donald Trump’s statement that China has agreed to purchase US oil following talks with Chinese President Xi Jinping.
Brent crude futures for July delivery rose by about 1.2% or $1.27 to $106.99 per barrel at 08:04 a.m. Makkah time.
West Texas Intermediate (WTI) crude futures for June delivery increased by 1.3% or $1.33 to $102.50 per barrel.
On a weekly basis, Brent rose about 6%, while US crude jumped more than 7%, amid continued uncertainty over geopolitical tensions in the Middle East, according to Reuters.
Trump said China expressed interest in buying US oil, noting that Chinese vessels will begin heading to Texas, Louisiana, and Alaska to load shipments, Fox News reported.
Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes later today to gauge the outlook for US supply.
Oil prices rose during Friday’s trading, heading for weekly gains, as markets assessed US President Donald Trump’s statement that China has agreed to purchase US oil following talks with Chinese President Xi Jinping.
Brent crude futures for July delivery rose by about 1.2% or $1.27 to $106.99 per barrel at 08:04 a.m. Makkah time.
West Texas Intermediate (WTI) crude futures for June delivery increased by 1.3% or $1.33 to $102.50 per barrel.
On a weekly basis, Brent rose about 6%, while US crude jumped more than 7%, amid continued uncertainty over geopolitical tensions in the Middle East, according to Reuters.
Trump said China expressed interest in buying US oil, noting that Chinese vessels will begin heading to Texas, Louisiana, and Alaska to load shipments, Fox News reported.
Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes later today to gauge the outlook for US supply.
