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Crude oil rallied on US jobs optimism and renewed China trade talksThe rally came as US job growth in May exceeded economist expectations, easing fears of a slowdown in oil demand and propelling broader market sentiment. Diesel futures, often seen as a bellwether for industrial activity, hit a two-week high in response. |
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Crude oil prices surged on Friday, lifted by stronger-than-expected US employment data and renewed optimism surrounding US-China trade negotiations, fuelling hopes of economic resilience in the world’s two largest oil-consuming nations.
Brent settled at $66.47 a barrel, climbing $1.13 or 1.73%.
WTI ended the session at $64.58, up $1.21 or 1.91%.
The gains marked the first weekly advance for both benchmarks in three weeks—Brent rose 2.75% over the week, with WTI outperforming at 4.9%.
The rally came as US job growth in May exceeded economists' expectations, easing fears of a slowdown in oil demand and propelling broader market sentiment. Diesel futures, often seen as a bellwether for industrial activity, hit a two-week high in response.
Crude also drew strength from a broader risk-on mood, underpinned by positive signals from the latest round of US-China trade dialogue. In a development welcomed by global markets, Presidents Donald Trump and Xi Jinping agreed to re-engage in talks, including discussions on tariffs and rare earth supplies—critical issues that had weighed heavily on investor sentiment in recent weeks.
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