Global oil prices stabilized today, Friday, aiming to register weekly gains for the second consecutive week, amid market optimism regarding positive developments in trade relations between the United States and China.
As of 03:26 GMT, Brent crude futures rose to $64.52 per barrel, a decrease of one cent, while West Texas Intermediate crude futures increased by two cents to $61.64 per barrel.
Both grades recorded weekly gains exceeding 1 percent, supported by the agreement between the U.S. and China to sharply reduce tariffs for 90 days, which alleviated concerns over an economic recession and its impact on global energy demand.
In its part, the International Energy Agency raised its forecasts for global oil supply growth this year by 380,000 barrels per day to 1.6 million barrels, with expectations of a market surplus next year despite a slight increase in demand forecasts.
