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WTI crude oil futures rose to around $73.4 per barrel on Friday, hovering near its highest level in over two months and on track for a second consecutive weekly advance. Prices were buoyed by optimism surrounding China’s economic outlook, following President Xi Jinping’s pledge to promote growth in the world’s largest oil-importing nation.
Additionally, a continued decline in U.S. crude inventories provided further support. However, the broader outlook for the year remains uncertain, amid expectations for oversupply and the possible revival of idled OPEC+ production. Traders are also closely monitoring geopolitical developments, including the potential impact of Donald Trump’s return to the White House.
