Oil prices held firm on Friday following a prior increase, supported by the alleviation of U.S.-China trade tensions and the establishment of a new trade agreement between the U.S. and Britain. Brent crude is currently priced at $62.91 per barrel, whereas WTI stands at $59.98. The U.S. and China are set to convene in order to address ongoing trade disputes, coinciding with Britain’s decision to reduce tariffs on imports from the United States.

Oil prices exhibited minimal fluctuations early on Friday, following a rise exceeding 3% in the prior session. This stability comes amid indications of easing trade tensions between the leading oil consumers, the U.S. and China, alongside Britain’s announcement of a “breakthrough” trade deal with the United States. Brent crude increased by 7 cents, or 0.1%, reaching $62.91 a barrel, while U.S. West Texas Intermediate crude also rose by 7 cents, or 0.1%, to $59.98 a barrel as of 0121 GMT. On Thursday, Brent closed with an increase of 2.8% at $1.72, while WTI experienced a rise of 3.2% to $1.84.

U.S. Treasury Secretary Scott Bessent is scheduled to meet with China’s leading economic figure, Vice Premier He Lifeng, in Switzerland on May 10. The aim of this meeting is to address trade disputes that have posed risks to the growth in crude oil consumption. In a separate announcement, U.S. President Donald Trump and British Prime Minister Keir Starmer revealed that Britain had consented to reduce tariffs on U.S. imports from 5.1% to 1.8%. The U.S. has reduced tariffs on British automobiles while maintaining a 10% duty on the majority of other products.

In other developments, the Organization of the Petroleum Exporting Countries and its allies – known as OPEC+ – are set to boost production, a move that may exert continued pressure on oil prices. A Reuters survey indicated that OPEC oil output experienced a slight decrease in April, as the production declines in Libya, Venezuela, and Iraq surpassed the planned increase in output. Tighter U.S. sanctions on Iran may limit supply and lead to an increase in prices. According to sources cited by Reuters on Thursday, sanctions imposed on two minor Chinese refiners for procuring Iranian oil have complicated their ability to obtain crude, prompting them to market their products under different names.