WASHINGTON (dpa-AFX) - Oil prices held steady on Friday but were on track for a weekly loss after the Gaza ceasefire and U.S. President Donald Trump's call for lower prices.
Benchmark Brent crude futures were marginally lower at $78.28 a barrel in European trade while WTI crude futures were down 0.1 percent at $74.53.
Both benchmarks were down more than 3 percent for the week in the aftermath of a ceasefire between Israel and Hamas in Gaza.
Concerns over oversupply also weighed on prices after Trump signed an executive order calling for increased U.S. oil production, scaled back certain climate-related restrictions on the energy sector, and called on Saudi Arabia and the Organization of Petroleum Exporting Countries to lower oil prices.
The dollar traded weak after Trump said during an interview that his recent conversation with Chinese President Xi Jinping was friendly and that he would rather not impose tariffs on China, suggesting a potentially softer stance on tariffs against the country.
Analysts say that trade policy uncertainty under Trump could potentially disrupt global trade and weigh on oil demand in 2025.
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