Oil prices heading for 1% weekly gain on U.S.-China trade detente
Oil prices
edged up on Friday following a sharp drop in the previous session, heading for a weekly gain of more than 1% as
U.S.-China trade
optimism outweighed the prospects of Iranian supply returning to the market.
Brent crude futures
rose 17 cents, or 0.26%, to $64.70 a barrel by 0007 GMT. U.S.
West Texas Intermediate crude
futures rose 18 cents, or 0.29%, to $61.80.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
If You Eat Ginger Everyday for 1 Month This is What Happens
Tips and Tricks
Undo
Prices had fallen more than 2% in the previous session after President Donald Trump said the U.S. was getting "close" to reaching a nuclear deal with Iran and that Tehran had "sort of" agreed to its terms. A source familiar with the talks however said there were still gaps to bridge.
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
Oil prices had surged earlier in the week after the U.S. and China, the world's two biggest oil consumers and economies, agreed to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty tit-for-tat Sino-U.S. tariffs had raised fears of a sharp blow to global growth and oil demand.
However, oil trade remains hostage to supply dynamics, including the possibility of Iranian supplies returning to market following any deal between Washington and Tehran.
Live Events
"The easing geopolitical risks weighed on sentiment already burdened by fears of rising supply from fellow
OPEC members
," ANZ bank said in a note to clients.
The International Energy Agency said on Thursday it expects global supply to rise by 1.6 million barrels per day this year, up 380,000 bpd from the previous forecast, as Saudi Arabia and other OPEC+ members unwind output cuts.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
14 minutes ago
- Mint
India's goods trade deficit narrows to $21.88 billion in May from year ago
New Delhi: India's merchandise trade deficit narrowed to $21.88 billion in May, data from the ministry of commerce and industry showed on Monday. Merchandise exports fell to $38.73 billion in May from $39.59 billion in the year-ago period. Goods imports declined to $60.61 billion last month from $61.68 billion a year ago. In April, the merchandise trade deficit rose to a five-month high of $26.42 billion on the back of higher imports, even as exports increased. After Trump's tariffs and the India-Pakistan conflict, traders now face the challenge of escalating tensions in West Asia after Israel attacked Iran on 13 June. The armed conflict between Iran and Israel has escalated concerns over the safety of cargo passing through the Strait of Hormuz and the Red Sea, a critical maritime corridor for Indian exports. Over two-thirds of India's oil imports and almost half of its liquefied natural gas imports transit through the Strait of Hormuz. The Israel-Iran attacks have increased shipment costs by up to 50% and threaten to disrupt trade routes across West Asia. Exporters and trade bodies have already flagged shipping delays, rising freight charges, and limited insurance coverage, officials said. The latest conflict comes amid global trade tensions triggered after US President Donald Trump briefly imposed reciprocal tariffs on imports from key partners, including India, before pausing them to allow space for negotiations. The Trump administration has also levied a 10% universal tariff on all imports from every country. India and the US are working out a limited trade deal to ease market access and tariff barriers—a modest but crucial step as India's import bill continues to rise. In addition, the recent India-Pakistan conflict strained regional trade dynamics. Heightened tensions have halted formal exchanges, affecting border economies and informal trade channels. The instability also deters investor confidence in the region, compounding challenges for India's trade outlook amid already rising import bills and global tariff uncertainties. Services exports rose to $32.39 billion in May, from $29.61 billion in the same period of the previous year. Services imports stood at $17.14 billion, compared with $16.88 billion a year earlier. The combined value of merchandise and services exports touched $71.12 billion in May, up from $69.20 billion a year ago.
Time of India
19 minutes ago
- Time of India
India emerging as key destination, amid supply chain shift of global electronic sector: Report
India is expected to witness strong and exponential growth in the electronics manufacturing sector amid the ongoing global supply chain realignment in the electronics sector, according to a new report by PwC . The report pointed out that the electronics industry is experiencing a shift in the global supply chain, with India emerging as a key destination. This shift has already led to significant growth in the production of items like smartphones and other electronic products. It said "India aims to reach USD 500 Bn of domestic prediction - the nation may reach USD 282 Bn conservatively by 2030". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Invest today with in Shriram's ULIP Shriram Life Insurance Undo The report outlined three possible growth scenarios for the sector, conservative, moderate, and ambitious. Even if India grows conservatively, India's domestic electronics production could reach USD 282 billion by 2030. Live Events A moderate growth path projects this figure at USD 418 billion, while the ambitious scenario, aligned with the target set by NITI Aayog , estimates the production could hit USD 500 billion, provided there is aggressive policy support by the government and continuous investments. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The report mentioned that while mobile phones, semiconductors, and consumer electronics are expected to lead the way, it also cautioned that other segments may grow at a slower pace due to limited capital expenditure. This could slightly restrict the overall speed of development. Several factors are expected to fuel growth in the sector. India is currently the second-largest smartphone market in the world. The mobile and wearables segment alone is projected to grow to USD 159 billion by FY2030. In Information Technology, the report stated that the electronics market is expected to touch USD 32 billion by the same period. The rising demand for data servers, likely to increase tenfold, will also contribute to the surge in domestic production. The telecom sector is witnessing rapid change as well. In the last five years, data traffic has grown 60 times, and by 2026, more than 65 per cent of total data revenue is expected to come from 5G services. This trend will further boost the need for telecom-related electronics and infrastructure. The industrial electronics segment is also evolving with emerging sectors like EV chargers and smart industrial automation becoming important growth drivers. Overall, the PwC report indicated that India's electronics manufacturing industry is on track for strong expansion. Achieving the upper end of the projected growth will depend on continued policy support, infrastructure development, and targeted investments in high-growth areas.
Mint
20 minutes ago
- Mint
Pakistan has ‘assured' it will drop nuclear bomb on Israel: Iran's BIG claim as conflict with Tel Aviv rages on
Iran-Israel conflict: Mohsen Rezaei, a senior Iranian military commander and member of Iran's National Security Council, has claimed that 'Pakistan has assured' that it will attack Israel with a nuclear bomb if the nation launches a nuclear strike against Iran. 'Pakistan has assured us that if Israel uses a nuclear bomb on Iran, they will attack Israel with a nuclear bomb,' said Rezaei. The senior military commander made the claims during a recent interview on Iranian state television. There, however, has been no statement from any Pakistani official confirming or commenting on the same. (This is a developing story. Keep checking for more updates)
