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Oil prices rise on easing US-China trade tension
Business World Philippines
|May 19, 2025
Oil settled higher on Friday, notching a second straight week of gains on easing US-China trade tensions, although prices were held back by expectations of higher supply from Iran and the Organization of the Petroleum Exporting Countries and allies.
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Brent crude futures settled up 88 cents, or 1.4%, at $65.41 per barrel, while US West Texas Intermediate (WTI) crude futures closed 87 cents, or 1.4% higher at $62.49.
The benchmarks posted a weekly rise of 1% and 2.4% respectively.
The contracts fell by more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in an easing of sanctions that could see Iranian crude return to the global market.
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