Oil rises, posts weekly loss

Oil drilling rigs

Oil prices settled higher on Friday but recorded a weekly loss amid uncertainty surrounding trade negotiations between the US and China and the potential for increased supplies from OPEC+.

Brent crude futures for June delivery gained 0.48%, or 32 cents, to settle at $66.87 a barrel, trimming their weekly losses to 1.6%.

Meanwhile, US West Texas Intermediate (WTI) crude futures for June delivery rose 0.36%, or 23 cents, to $63.02 a barrel, ending the week with a 2.6% decline.

The positive performance of crude oil in today's session was supported by China's decision to exempt some US imports from retaliatory tariffs, coinciding with repeated affirmations by President Trump that trade talks with China were ongoing despite denials from Beijing.

However, the earlier uncertainty weighed on oil's weekly performance, alongside media reports indicating that several OPEC+ members plan to urge the alliance to accelerate the pace of production increases once again in June.