Oil Prices Rise 1.49% After Trump Announces China Oil Purchases

AI Summary

Oil prices increased on Friday following comments from U.S. President Donald Trump stating that China has agreed to purchase U.S. crude oil after talks with Chinese leader Xi Jinping. Brent crude futures for July rose 1.49% to $107.30 per barrel, while U.S. West Texas Intermediate futures for June gained 1.55% to $102.74 per barrel. Although the agreement was announced, China has not officially confirmed the energy purchases. The positive movements in oil prices signal potential impacts on global markets depending on the realization of these deals.