Oil drilling rigs
Oil prices rose on Friday, on track to post gains for the second consecutive week, following easing trade tensions between the US and China.
Brent crude futures for July delivery climbed 0.35%, or 24 cents, to $64.77 per barrel as of 8:08 am KSA time.
Meanwhile, US West Texas Intermediate (WTI) crude futures for June delivery rose by 0.35%, or 23 cents, to $61.85 per barrel.
Analysts at ING Bank said in a recent note that a nuclear agreement between Washington and Tehran would reduce supply risks, allowing Iran to ramp up oil production, potentially increasing supply by around 400,000 barrels per day, according to Reuters.
Losses from the previous session—which exceeded 2%—trimmed the week’s overall gains, which had been supported by a 90-day truce agreement between the U.S. and China, the world’s two largest oil consumers, during which both sides agreed to sharply reduce tariffs.
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