Oil futures stabilized on Friday but recorded their third consecutive weekly loss amid renewed U.S.-China trade tensions and growing oversupply concerns. Prices found some support after President Trump indicated plans to meet with China’s Xi Jinping, though concerns about potential eased sanctions on Russian oil limited gains.
Weekly Performance Marks Third Straight Decline
Crude oil futures reportedly stabilized on Friday but ended the week with significant losses, marking their third consecutive weekly decline, according to market reports. Sources indicate that renewed U.S.-China trade tensions and increased oversupply concerns sent prices to multi-month lows before some late-week stabilization.