Oil markets are closed Friday in observance of the Good Friday holiday, which precedes Easter Sunday.
The international oil benchmark of Brent crude increased by 2.5% to $66.96 per barrel on Thursday, up from the previous session's close of $65.34.
The US benchmark West Texas Intermediate also rose by 2.8% to $63.71 per barrel, compared to $61.96 at the close of the prior session.
Despite the closure, crude prices finished higher on Thursday, buoyed by optimism over ongoing trade negotiations. The gains came as both benchmarks rebounded from last week’s lows—the weakest levels in four years—amid renewed discussions surrounding reciprocal tariffs imposed by the US administration.
US President Donald Trump, following talks with Japanese officials earlier in the week, hosted Italian Prime Minister Giorgia Meloni at the White House on Thursday. Trump expressed optimism that a trade agreement with the EU could be reached before a 90-day deadline to halt reciprocal tariff measures expires.
Market focus now shifts to a potential breakthrough in US-China trade relations. Trump told reporters in the Oval Office that intermediaries he believes to be acting on behalf of Chinese President Xi Jinping have initiated dialogue. However, he declined to confirm whether direct communication had taken place between the two leaders.
However, concerns linger that Washington's tariff standoff with key trading partners could stoke inflationary pressures. Federal Reserve Chair Jerome Powell, speaking on April 16, noted that the announced tariff hikes were significantly larger than anticipated, warning of associated economic consequences including higher inflation and slower growth.
Those concerns have fueled expectations of softer oil demand from the US, the world's largest crude consumer-limiting upward price movements.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr