Oil prices rise, post weekly gain of over 4%

10/05/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices ended up on Friday, as investors awaited US-China trade talks scheduled for tomorrow, May 10.

 

Brent crude futures for July delivery increased by 1.70%, or $1.07, to settle at $63.91 a barrel.

 

US West Texas Intermediate (WTI) crude for June delivery climbed 1.85%, or $1.11, to $61.02 a barrel.

 

Both benchmarks posted weekly gains of over 4%, supported by easing global trade tensions following a US-UK agreement to resolve a tariff dispute.

 

Additionally, official data released today showed that China’s oil imports rose 7.5% year-on-year in April to 48.06 million metric tons.

 

The US drilling rig count decreased by five week-on-week to 474 in the week ended May 9, according to Baker Hughes. This marked a decline for the second straight week.

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