Brent is little changed but marks weekly loss of 12%
Oil prices stabilized on Friday but marked the heftiest weekly loss since March 2023 following the Israel-Iran ceasefire.
As geopolitical tensions calmed down, the threat to oil supplies vanished, in turn tanking prices.
Otherwise, Bloomberg reported that OPEC+ is planning yet another production hike in August at its next July 6 meeting.
On trading, Brent August futures were unchanged at $67.77 a barrel, with a 12% weekly loss.
US West Texas Intermediate rose 0.43% to $65.52 a barrel, with an 11% weekly loss.
Loonie declines after GDP contraction data
The Canadian dollar fell against most major rivals on Friday following data that showed the economy contracted.
Canada’s GDP shrank 0.1% in April, while analysts expected no change.
The CAD/USD price fell 0.6% as of 20:29 GMT to 0.7289.
Aussie
The AUD/USD price fell 0.4% as of 20:29 GMT to $0.6521.
US Dollar
The US dollar index rose 0.2% as of 20:13 GMT to 97.3, with a session-high at 97.5, and a low at 97.00.
US Trade Secretary Howard Lutnick confirmed in statements to Bloomberg that a general framework for a trade deal with China has been reached, with the US expecting deals with 10 major trade partners soon.
US President Donald Trump said he’s terminating trade talks with Canada after it imposed a digital services tax on US tech corporations.
Trump described Canada as a country difficult to deal with on trade, and considered the new Canadian tax and attack on the US.
As for data, US personal consumption expenditure was up 2.7% y/y in May, above estimates of 2.6%.
Wall Street surges to record highs
US stock indices rallied on Friday to fresh record highs as trade tensions calmed following strong US inflation data.
Dow Jones rose 0.4%, or 165 points to 43552 points as of 14:36 GMT, while S&P 500 rose 0.25% to 6155 points, a record high, as NASDAQ added 0.3% to 20,229 points, also a new record.
US Trade Secretary Howard Lutnick confirmed in statements to Bloomberg that a general framework for a trade deal with China has been reached, with the US expecting deals with 10 major trade partners soon.
Earlier data showed US personal consumption expenditure up 2.7% y/y in May, above estimates of 2.6%.
Copper prices drop off three-month peak on Chinese data
Copper prices fell on Friday off three-month highs after weak economic data from China and amid profit-taking, but the losses were stymied due to a supply shortage.
Copper three-month futures fell 0.5% at the London Metals Exchange to $9855 a ton, after touching March 27 highs earlier at $9917.
Recent Chinese data showed industrial sector profits fell sharply in May as factory activities slowed down.
However, analysts note that a variety of industrial activity dependent on copper remains strong, such as spending on electrical networks, which surged 19% in the first five months of 2025.
Copper futures conversely rose 1.5% at the Shanghai exchange to 79,920 yuan, just shy of March 31 highs as well.
Recent data showed Shanghai inventories are down by 19% last week to 81,550 tons of copper, a 70% decline in the past four months.
London copper inventories also fell by 66% in the same period.
In the US, copper Comex futures fell 1.2% to $5.06 a pound, marking a price premium of $1311 a ton compared to the London contract.
As for other metals:
Aluminum fell 0.1% to $2580 a ton
Zinc shed 0.5% to $2755
Lead lost 0.3% to $2033
Nickel was unchanged at $15,210
Tin rose 0.5% to $33930