Overview

• Brent crude futures are set to record a more than 3% weekly rise above $66 a barrel while U.S. West Texas Intermediate trades near $63 on revived U.S.-China trade talks.
• President Trump and President Xi Jinping resumed direct tariff negotiations in a call described as having a “very positive” outcome, raising hopes for stronger oil demand in the world’s two largest economies.
• OPEC+ confirmed plans to boost collective oil output by 411,000 barrels per day in July, maintaining a cautious approach to easing pandemic-era cuts.
• Wildfires in Alberta have forced the shutdown of about 344,000 barrels per day of Canadian oil sands production, highlighting ongoing North American supply vulnerabilities.
• Saudi Aramco trimmed its July selling prices for Asian buyers to near two-month lows even as the International Energy Agency forecasts weaker demand this year and U.S. officials consider fresh sanctions on Venezuelan and Iranian oil infrastructure.