There has been a significant change in oil prices during early trading today, Friday, after more than three percent increased in the last session, amid indications of the decline in trade tensions between the United States and China, the largest oil consumers, and Britain's announcement of a trade agreement "achieving a breakthrough" with the United States.

By 0121 GMT, Brent crude futures rose seven cents, equivalent to 0.1 percent, to reach $ 62.91 a barrel.

American West Texas Intermediate crude as well seven cents as far as 0.1 percent, up to $ 59.98 a barrel. During the settlement on Thursday, Brent crude rose 2.8 percent, and West Texas Intermediate crude increased 3.2 percent.

It is scheduled that US Treasury Secretary Scott Besent will meet with the Vice President of the State Council, Lee Feng, the highest economic official in China, in Switzerland tomorrow, Saturday, to work to resolve commercial conflicts that threaten the growth of crude oil consumption.

US President Donald Trump and British Prime Minister Kiir Starmer announced, separately, that Britain had agreed to reduce customs duties on American goods from 5.1 percent to 1.8 percent.

The United States has reduced customs duties on British cars, but it has kept customs duties by 10 percent on most other goods.

On the other hand, the Organization of Petroleum Exporting Countries (OPEC) and its allies in what is known as the OPEC+ group to increase production to continue to pressure oil prices.

A Reuters survey showed a slight decrease in OPEC production in April, as it dispelled the decrease in production in Libya, Venezuela and Iraq the increase in production.

Perhaps the tightening of US sanctions on Iran may reduce the supply and push prices to rise. Sources told Reuters on Thursday that the sanctions imposed on two small Chinese lines to buy Iranian oil have made it difficult for them to obtain crude oil, which prompted them to sell their products with alternative names.