Oil prices rose for a second consecutive session on Friday, supported by optimism over a potential de-escalation of the U.S.-China trade war. However, the market is still on track for a weekly decline of around 2%, driven by concerns over oversupply.

Samsung Electronics announced on Wednesday that it expects its fourth-quarter profits to experience a significant decline compared to the previous quarter, falling short of forecasts as it faces difficulties meeting strong demand for chips used in artificial intelligence servers.

Oil prices rose on Wednesday as supplies from Russia and OPEC members tightened while data showing an unexpected increase in U.S. jobs openings pointed to expanding economic activity and consequent growth in oil demand.

Oil supply from OPEC+ countries could reach 62.9 million barrels per day (bpd) by 2050, up from 50.3 million bpd in 2023, to OPEC's long-term World Oil Outlook.

The International Energy Agency (IEA) has reported a significant slowdown in global oil demand growth, driven largely by a cooling Chinese economy. This has resulted in oil prices falling to their lowest level in three years.