FX.co ★ Oil Set for Weekly Gain

West Texas Intermediate (WTI) crude oil futures ascended to approximately $60 per barrel on Friday, gently building upon the previous session's gains and maintaining their trajectory for a weekly increase. This upward movement is underpinned by positive sentiments concerning the impending US-China trade discussions. Delegates from both nations are scheduled to convene over the weekend, fuelling optimism for progress in alleviating trade tensions between the globe's two foremost oil consumers, hence allaying anxieties regarding global crude demand. Additionally, the announcement of a trade agreement between the United States and the United Kingdom has further boosted the optimistic outlook. Earlier in the week, an unexpected significant decline in US crude inventories, coupled with initial signs of a potential supply adjustment, provided further price support. Nevertheless, several challenges continue to cap these gains. These include the OPEC+ consortium's plans to increase production, rising uncertainties in the US economy, and the possible ramifications of a US-Iran nuclear agreement on the global oil supply.