CRUDE WRAP: WTI (X5) SETTLES USD 0.08 HIGHER AT 57.54/BBL; BRENT (Z5) SETTLES USD 0.25 HIGHER AT 61.29/BBL

Analysis details (19:37)

The crude complex was ultimately little changed in choppy trade, but ended the third straight week with losses as souring US/China tensions and global oversupply dominated the tape. However, benchmarks saw a boost as US players entered for the day as Trump said US will be fine with China, and when he was asked if high China tariffs will stand, he said no. Energy specific newsflow on Friday was light, as the broader macro picture was focused on the softening of the regional bank woes we saw on Thursday, which helped support sentiment. Nonetheless, the Kremlin said there are many questions that need to be answered by Lavrov and Rubio before summit between Putin and Trump, but it could take place within two weeks or more. On Israel/Hamas, Reuters reported that Senior Hamas official Nazzal stated he cannot answer yes or no on whether Hamas will give up arms, and in response the Israeli PM's office said Hamas are to be disarmed, 'no ifs, no buts'. For the record, the weekly Baker Hughes rig count saw oil unchanged at 418, nat gas +1 at 121, leaving the total +1 at 548. WTI traded between USD 56.60-57.72/bbl and Brent between USD 60.14-61.47/bbl.

17 Oct 2025 - 19:37- ForexGeopolitical- Source: Newsquawk