WASHINGTON (dpa-AFX) - Oil prices held steady on Friday and headed for a weekly gain as optimism surrounding the recent U.S.-China trade truce offset increased supply pressure from an OPEC+ output hike and the prospect of an Iranian nuclear deal.
Last weekend, the U.S. and China agreed to a 90-day pause on their trade war in which the punitive, reciprocal tariffs were rolled back to 30 percent by the U.S. and 10 percent by China.
Benchmark Brent crude futures were marginally higher at $64.59 a barrel in early European trading, while WTI crude futures rose 0.2 percent to $61.76.
Both contracts fell over 2 percent on Thursday as a potential nuclear deal between the U.S. and Iran risked exacerbating a glut forecast for later this year.
It is believed that more petroleum could be set to flow into global markets if the U.S. eases sanctions against Iran, which is a major producer of oil.
Media reports suggest that there are still points of contention that require a final agreement.
The International Energy Agency predicted in its closely watched monthly report that global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to 'economic headwinds.'
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