WASHINGTON (dpa-AFX) - Oil traded higher on Friday but was on course for its worst week since March 2023 on easing concerns over Middle East supply risks.
Benchmark Brent crude futures climbed 0.7 percent to $67.18 a barrel in European trade while WTI crude futures were up 0.9 percent at $65.84.
Both contracts remain on track for a weekly loss of about 12 percent, the most since March 2023, in the absence of significant supply disruption from the Middle East.
A ceasefire between Israel and Iran continue to hold, removing threats to oil supply. Today's uptick in oil price was supported by a weaker dollar, lower U.S. inventories and easing Sino-U.S. tensions.
The dollar hovered near its lowest level in 3-1/2 years against the euro and sterling as weak U.S. economic data prompted traders to price in deeper U.S. rate cuts.
EIA data released earlier this week showed that oil inventories in the United States shrank 5.8 million barrels during the week ended June 20, while analysts had expected a 1.2-million-barrel draw. Gasoline stocks fell by 2.1 million barrels.
With the onset of the travel-rich summer season, projections from the American Automobile Association reveal that demand in the U.S. could pick up more than expected.
Meanwhile, as the July 9 deadline for potential new U.S. tariffs approaches, media reports suggest that there is some progress in U.S.-China trade talks.
U.S. Commerce Secretary Lutnick stated that a U.S.-China trade deal outlined in Geneva has been finalized and it could be signed during the next round of talks in London in early July.
Focus also remains on the upcoming OPEC+ meeting on July 6, which will decide on August production levels.
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