Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.
The rise came after China moved to exempt some US anti-cancer drugs and other goods from tariffs, while President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars' worth of Chinese goods.
The Federal Reserve cut interest rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against risks including global economic weakness.
Since mid-May, and especially over the past few weeks, oil prices have seen renewed fluctuations. The fluctuations reflect the ups and downs in the factors determining crude oil prices. Here are three key factors likely to affect the movement of crude oil prices.
Tensions in the Middle East have escalated since U.S. President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, especially targeting Tehran's oil exports.