On Friday, May 9, 2025, oil prices remained relatively stable following a significant surge in the previous session. Brent crude futures rose by 0.37% to $63.07 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 0.35% to $60.12 per barrel.
The market’s attention is focused on the upcoming trade discussions between the United States and China, scheduled for May 10 in Switzerland. U.S. Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng are expected to address ongoing trade disputes, with analysts suggesting that meaningful progress could boost oil prices by $2 to $3 per barrel.
Additionally, a new trade agreement between the U.S. and the U.K., which includes reduced tariffs on both sides, has contributed to market optimism. However, analysts believe that similar deals may have limited direct impact on oil markets.
Other factors influencing the market include OPEC+’s plans to increase oil output and disruptions in Libya, Venezuela, and Iraq, which have slightly reduced April production. Stricter U.S. sanctions on Iran have also complicated oil procurement for Chinese refiners.
In the broader context, recent positive signs from China’s April trade data have added to the optimistic outlook for oil demand.
