{"id":14068,"date":"2025-05-02T06:29:20","date_gmt":"2025-05-02T06:29:20","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=14068"},"modified":"2025-05-02T06:29:20","modified_gmt":"2025-05-02T06:29:20","slug":"brent-crude-oil-price-rose-to-62-62","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/14068\/","title":{"rendered":"Brent crude oil price rose to $62.62"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices climbed on Friday after China said it was open for talks with the United States on tariffs, raising hopes of a de-escalation in a bitter trade war between the world’s two largest economies.<\/p>\n

Brent crude futures rose 49 cents, or 0.8%, to $62.62 a barrel by 0446 GMT, while U.S. West Texas Intermediate crude futures added 50 cents, or 0.8%, to $59.74 a barrel.<\/p>\n

China’s Commerce Ministry said on Friday that Beijing is &quot;evaluating&quot; a proposal from Washington to hold talks aimed at addressing U.S. President Donald Trump’s sweeping tariffs, signalling a possible easing of the trade tensions that have rattled global markets.
\nConcerns that the broader trade war could push the global economy into a recession and crimp oil demand, just as the OPEC+ group is preparing to raise output, have weighed heavily on oil prices in recent weeks.<\/p>\n

“If Washington runs with it, as I expect it to, this could be a game-changer in the gloom-and-doom mood that has enveloped markets for weeks,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.<\/p>\n

“No one expects a smooth sailing for sure, but it’s an encouraging breakthrough in the impasse that has been weighing on markets,” Hari said.<\/p>\n

Oil prices were also underpinned by a threat from Trump to impose secondary sanctions on buyers of Iranian oil.<\/p>\n

Trump’s comments followed a postponement of U.S. talks with Iran over its nuclear program. He had previously restored a “maximum pressure” campaign against Iran, which included efforts to drive the country’s oil exports to zero, to help prevent Tehran from developing a nuclear weapon.<\/p>\n

Oil prices had gained late in Thursday’s session to settle nearly 2% higher on Trump’s remarks, erasing some of the losses recorded earlier in the week on expectations of more OPEC+ supply coming to the market.<\/p>\n

Reuters on Wednesday reported that Saudi Arabia, de facto leader of OPEC+, has briefed allies and industry experts that it is unwilling to prop up oil prices with further supply cuts.<\/p>\n

Several OPEC+ members are set to suggest the group accelerates output hikes in June for a second consecutive month, Reuters earlier reported. Eight OPEC+ countries will meet on May 5 to decide a June output plan.<\/p>\n

“With non-OPEC+ supply rising robustly and global demand growth facing structural decline, we see no natural re-entry point for these barrels and, ultimately, the group will likely have to endure some price pain no matter when it unwinds its cuts,” Fitch’s BMI research unit said in a note.<\/p>\n

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