Oil prices stabilize in today’s trading

Oil prices stabilized in today’s trading but are on track for a second week of gains, supported by optimism about easing trade tensions between the United States and China, despite pressure from the prospect of Iranian oil exports returning to the market.

Brent crude fell one cent to settle at $64.52 a barrel, while US West Texas Intermediate crude rose two cents to $61.64. These moves follow a price decline of more than 2% in the previous session, following US President Donald Trump’s announcement that his country was close to a new nuclear agreement with Iran, confirming that Tehran had “somewhat” agreed to its terms, despite ongoing disagreements.

ING analysts indicated that concluding the agreement and lifting sanctions could increase supply by about 400,000 barrels per day, reinforcing fears of a future price decline.

Despite these expectations, both crude oil futures have achieved weekly gains of about 1% so far, supported by a US-China trade agreement to de-escalate the trade war for 90 days, which includes mutual tariff reductions, boosting global market appetite.