Overview

• Crude oil prices are set for a weekly gain of over 1%, driven by optimism surrounding a 90-day U.S.-China trade truce aimed at reducing tariffs.
• President Donald Trump announced progress in U.S.-Iran nuclear talks, raising expectations of sanctions relief that could add 0.8 million barrels per day to global supply.
• The International Energy Agency revised its 2025 oil demand growth forecast up to 740,000 barrels per day but predicted a slower pace for the rest of the year due to economic pressures and rising electric vehicle adoption.
• U.S. crude inventories rose by 3.5 million barrels last week, according to the Energy Information Administration, further weighing on market sentiment.
• OPEC+ continues to unwind production cuts, with global supply expected to rise by 1.6 million barrels per day this year, according to the IEA.