Oil held a gain as the market turned its attention to trade talks between the US and China this weekend after President Donald Trump announced an agreement with the UK.
Brent traded near $63 a barrel after advancing 2.8% in the previous session, and West Texas Intermediate was around $60. Trump said negotiations with China would result in tangible progress, although Beijing reiterated on Thursday its call for the US to cancel tariffs ahead of talks.
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Crude has tumbled since mid-January on concerns Trump's tariffs will dent economic growth, and as OPEC+ moved to revive idled production. While the US president hailed the pact with the UK as historic, specifics of the deal indicated it fell short of the “full and comprehensive” agreement he had promised.
“It may be premature to assume the UK deal paves the way for progress on more complex negotiations with China,” said Charu Chanana, chief investment strategist for Saxo Markets Pte. “The more pressing driver for oil remains on the supply side — OPEC's decision to accelerate production increases marks a strategic pivot and reinforces downside risks for oil prices.”
The US, meanwhile, sanctioned a third so-called teapot refinery in China — along with port terminal operators, vessels and individuals — alleged of facilitating the trade of Iranian crude. Hebei Xinhai Chemical Group Ltd. was the main target of the action.
The UK also plans to sanction as many as 100 tankers that it says are part of the shadow fleet helping Russia move its oil. The measures, which target ships carrying more than $24 billion worth of cargo since the start of last year, will be announced later Friday.
Prices
Brent for July delivery was little changed at $63.14 a barrel as of 12:30 p.m. in Singapore.
Futures are on track for the first weekly gain in three.
WTI for June delivery was steady at $60.20 a barrel.
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