Oil prices are set for a slight weekly gain in the week ending April 18, ahead of the Easter holidays, supported by renewed optimism over US trade talks as both benchmarks rebounded from last week’s four-year lows.
The international oil benchmark of Brent crude increased by 4.2% to $66.96 per barrel on Thursday, up from the closing price of $64,26 a barrel last Friday.
The US benchmark West Texas Intermediate also rose by 2.8% to $63.72 per barrel, compared to $61.96 at last week’s closing price.
Oil markets are closed Friday in observance of the Good Friday holiday, which precedes Easter Sunday.
Prices settled higher Thursday, lifted by renewed optimism over US trade talks, as both benchmarks rebounded from last week’s four-year lows amid discussions on reciprocal tariffs.
US President Donald Trump hosted Italian Prime Minister Giorgia Meloni at the White House on Thursday, days after meeting with Japanese officials, and voiced optimism that a trade deal with the EU could be reached before a 90-day deadline to suspend reciprocal tariffs expires.
Market attention is now turning to a possible breakthrough in US-China trade relations. The US president also said China reached out for talks following his decision to impose new tariffs on Beijing. Trump said Beijing had made contact ‘a number of times’ since the US announced a 145% tariff on certain Chinese goods.
On Thursday, fears that new US sanctions on Iran could disrupt global oil supply pushed prices higher.
However, both benchmarks fell on Wednesday as markets priced in the uncertainty from changing US tariff policies and escalating US-China trade tensions.
At a press briefing, White House Press Secretary Karoline Leavitt said President Donald Trump was open to a trade deal with China. ‘The ball is in China’s court: China needs to make a deal with us, we don’t have to make a deal with them,’ Leavitt stated.
Prices initially moved upward earlier in the week after the US announcement of additional tariff exemptions, a global oil production cut, and ongoing talks between Washington and Tehran.
Meanwhile, data showing a decline in crude oil production by the Organization of Petroleum Exporting Countries (OPEC) is fueling supply concerns among market participants, pushing prices higher.
However, both benchmarks edged lower on Monday amid mixed signals on US trade policy, although a weak US dollar helped limit further losses.
