Oil prices rose in Asian trade on Friday, poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect until April, giving more time to avoid a trade war.
Brent futures were up 23 cents, or 0.3%, at $75.25 a barrel by 0505 GMT, while U.S. West Texas Intermediate (WTI) crude gained 16 cents, or 0.2%, to $71.45.
For the week, Brent was up about 0.6% and WTI 0.5%. U.S. President Donald Trump on Thursday ordered commerce and economics officials to study reciprocal tariffs against countries that place tariffs on U.S. goods and to return their recommendations by April 1.
“Positive development on the trade front in light of U.S. tariff delays paves the way for some recovery in oil prices this morning, as the risk environment warms up to the prospects of further trade consensus being reached,” said Yeap Jun Rong, a market strategist at IG.
“However, gains in oil prices may seem limited as market participants have to digest the prospects of Russian supplies being brought back on the market amid potential Ukraine-Russia peace talks,” Yeap said.
