Crude oil posted first weekly gains since mid-April on renewed trade optimism

International crude oil benchmarks closed higher on Friday, 9 May 2025, with gains approaching 2%, marking their first weekly advance since mid-April. The upturn was driven by renewed investor optimism following a trade agreement between the United States and the United Kingdom, ahead of high-level negotiations between Washington and Beijing.

Brent crude futures rose by $1.07, or 1.7%, to settle at $63.91 per barrel.

West Texas Intermediate (WTI) advanced $1.11, or approximately 1.9%, to $61.02. 

On a weekly basis, both benchmarks climbed more than 4%.

The modest recovery comes after prices began the week hovering near their lowest levels since 2021. Sentiment improved as measured optimism returned to the market, supported by a rebound in fuel demand indicators. One key gauge of strength in the gasoline market reached its highest point in around six months, further underpinning the rally.

However, the upside was tempered by comments from former President Donald Trump, who suggested that an 80% tariff on Chinese goods “seems right” — a remark that reignited concerns over the fragile state of US-China trade relations and cast a shadow over the broader risk environment.