Oil prices posted a modest decline on Friday, pressured by concerns over global demand and persistent geopolitical risks. Despite the dip, prices remained supported by recent developments, including the resumption of US-China trade talks and ongoing tensions between Russia and Ukraine.
International benchmark Brent crude increased by around 0.04%, trading at $65.03 per barrel at 9.54 a.m. local time (0654 GMT), up from $65 at the previous session's close.
Similarly, US benchmark West Texas Intermediate (WTI) inched up 0.06% to $62.64 per barrel from $62.60 in the previous session.
Supply-side uncertainty also mounted amid reports of potential new US sanctions on Russia and stalled nuclear negotiations with Iran.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) supported market direction by deciding to increase output in July in line with market expectations.
Meanwhile, signals of slowing global economic activity, coupled with weak macroeconomic data from the US and China, continued to weigh on the demand outlook. In particular, the significant rise in US petroleum product inventories added to concerns over demand-side uncertainty.
Elsewhere, a phone call held on Thursday between US President Donald Trump and Chinese President Xi Jinping revived hopes of renewed momentum in trade talks. However, markets remain cautious in anticipation of a lasting agreement, with the possibility of new US tariffs still on the table.
In a separate development that stirred market sentiment, tensions between Trump and Tesla CEO Elon Musk also drew attention, following Musk’s criticism of proposed tax legislation.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr