Quick overview

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Oil prices eased and fell to a three-week low as traders were concerned about signs of growing supply and bad economic news from China and the US. The belief that future US trade agreements would increase global economic growth and oil demand helped to limit losses.

Brent oil futures dropped to $68.44, and West Texas Intermediate (WTI) oil dipped 1.3 percent, to settle at $65.16. WTI and Brent had not settled at such low levels since June 30 and July 4, respectively

Brent was down around 1% for the week, while WTI was down roughly 3%. President Ursula von der Leyen of the European Commission meets with President Donald Trump on Sunday. According to diplomats and European Union officials, a framework trade agreement was reached this weekend.

A flood of data released Friday revealed that the eurozone economy has remained resilient to the widespread uncertainty brought on by a global trade war despite market bets on no rate cuts appearing to be curbed by European Central Bank policymakers.

The US is getting ready to permit PDVSA’s state-run partners. Oil giant Chevron will have restricted operations in the sanctioned country on Thursday. US refiners would be happy to hear that Venezuelan oil exports could increase by slightly over 200,000 barrels per day (bpd), as it would alleviate pressure on the heavier crude market.

The first such in-person meeting since Israel and the US bombed Iran last month, Iran announced Friday that it would resume nuclear talks with European powers following “serious, frank, and detailed” discussions.

The Organization of the Petroleum Exporting Countries (OPEC) counts Iran and Venezuela as members. Any agreement that would allow either sanctioned nation to export more oil would increase the quantity of crude that is available on international markets.