Oil Trims Weekly Gain

WTI crude oil futures hovered around $63.6 per barrel on Friday, paring its second straight weekly gain, as renewed calls from US President Donald Trump for lower prices tempered supply concerns. Trump said he preferred cheaper oil over additional sanctions to pressure Russia to end the war in Ukraine, easing fears of disruptions and partially offsetting the impact of Ukrainian strikes on Russian energy infrastructure earlier in the week. Meanwhile, the Federal Reserve delivered a widely expected rate cut and signaled more easing ahead to cushion a weakening labor market. While looser policy could support fuel demand, investors remain cautious, interpreting the move as a sign of rising economic risks in a major oil-consuming nation. Adding to the mixed outlook, government data showed a sharp draw in US crude inventories last week, driven by strong exports, but also revealed distillate stocks at their highest since January, stoking fresh demand concerns.