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Oil posts weekly decline on tariff concerns
Oil prices settled higher on Friday, posting weekly losses of more than 2%, pressured by market expectations of a supply surplus and uncertainty surrounding the fate of US-China tariff talks.
Brent crude futures rose 36 cents to $66.90 a barrel, posting a weekly loss of 2%.
US West Texas Intermediate crude rose 23 cents, or 0.37%, to settle at $63.02 a barrel, posting a weekly decline of 3%.
"Prices fell as concerns about an OPEC+ supply surplus persist, while the demand outlook remains uncertain amid ongoing trade tensions," said Anh Pham, senior analyst at London Exchange Group.
"A stronger dollar is adding further pressure on crude oil prices," he added.
Oil gave up early gains after a Chinese Foreign Ministry spokesman denied any consultations or negotiations between Beijing and Washington regarding tariffs.
This contradicts previous statements by US President Donald Trump, who said on Thursday that trade talks were underway.
Notices to companies showed that China exempted some US goods from 125% tariffs and asked companies to submit lists of goods that could be eligible for the exemption, in the largest indication yet of Beijing's concern about the economic fallout from the trade war with Washington.
Oil prices fell earlier this month to four-year lows after the tariffs sparked investor concerns about global demand and triggered a sell-off in financial markets.
Reuters reported days ago that several OPEC+ members proposed accelerating the pace of oil production increases for a second month in June.
A halt to the Russian war in Ukraine could allow more Russian oil to flow into global markets.
Regarding Iran, Foreign Minister Abbas Araqchi announced on Thursday his willingness to travel to Europe for talks on Iran's nuclear program.
