The upward momentum in international oil prices persisted on April 25.
Following a 0.7% increase the previous day, oil prices rose for a second consecutive session.
Despite China’s denials, U.S. President Donald Trump’s comments regarding ongoing trade talks with China provided a boost to oil prices.
China’s quiet withdrawal of tariffs on U.S. semiconductors further fueled hopes that the tariff war between the two countries might be resolved through negotiations.
Brent crude, the global oil benchmark, saw its June delivery contract close at 66.87 USD per barrel, marking a 0.32 USD (0.48%) increase from the previous session.
Similarly, West Texas Intermediate (WTI), the U.S. oil benchmark, edged up by 0.23 USD (0.37%) to settle at 63.02 USD per barrel for June delivery.
However, both Brent and WTI recorded weekly losses.
Brent declined by 1.60%, while WTI experienced a steeper drop of 2.57%.
