FX.co ★ Brent Set for Weekly Gain

Brent crude oil futures remained steady at approximately $64 per barrel on Friday, set to close the week on a positive note, as optimism regarding US-China trade relations outweighed concerns about global excess supply. Earlier in the week, the two nations agreed to a 90-day suspension in their trade conflict, committing to considerably reduce tariffs. This development has alleviated demand worries from the world's leading oil consumers. Nonetheless, potential gains were restrained by reports suggesting Iran might negotiate a sanctions relief deal with the US. Additionally, President Trump indicated progress in long-term peace negotiations with Iran, which could lead to an increase in Iranian oil supply. Further adding to the market pressure, US government data showed an unexpected rise in crude inventories. Meanwhile, the International Energy Agency (IEA) adjusted its global supply forecast upwards by 380,000 barrels per day, attributing the change to increased production from Saudi Arabia and other OPEC+ members as they roll back previous production cuts.