1507 ET - Oil futures rise sharply to snap a two-week losing streak as dollar losses, tighter U.S. sanctions against Iranian crude and signs of easing in some U.S. trade tensions contribute to gains. The market is also helped by OPEC+ updating output compensation plans by members that have produced above their agreed levels. "As we go through the list of these supportive elements, none of them represent a significant game changer within an oil market that still needs to contend with the prospect of a major tariff-related downshift in global demand as this year proceeds," Ritterbusch says in a note. Both OPEC and IEA cut their 2025 demand growth estimates early in the week, following a demand downgrade last week by the U.S. EIA. WTI settles up 3.5%, at $64.68 a barrel, for a 5.2% weekly gain. Brent rises 3.2%, to $67.96 a barrel, up 4.9% from a week ago. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 17, 2025 15:07 ET (19:07 GMT)
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