Spurred by a potential de-escalation of the trade war between the United States and China, oil prices rose for a second session on Friday, but the market was heading for a weekly decline of around 2% due to concerns about oversupply.

Brent crude futures gained 31 cents to $66.85 per barrel at 06:50 GMT, down 1.7% since the start of the week. American West Texas Intermediate (WTI) crude rose 35 cents to $63.12 per barrel, after falling 2.4% over the week. According to Anh Pham, a senior analyst at LSEG, “for today, oil prices are up slightly as the market reacts to signs of easing tensions around Trump tariffs and a potential change in the Fed's policy position, contributing to a broader market recovery

Oil prices fell at the beginning of the month after tariffs caused concerns about global demand and a sell-off in financial markets.