Oil Posts Weekly Advance on Trade Talks, OPEC Commitment - Bloomberg:
Oil in New York posted a second straight weekly advance as investors focus on talks between the U.S. and China on trade and as OPEC shows commitment to curbing production.
Futures added 0.5 percent in New York on Friday to the highest in more than three months. Trade talks in Washington between a Chinese delegation led by Vice Premier Liu He and U.S. officials on Friday were extended after showing signs of progress. Speaking through an interpreter, Liu said a deal with the U.S. is very likely to happen.
In regards to a potential U.S.-China trade agreement, “there is certainly the expectation that it might occur in the not-too-distant future,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “Saudi Arabia has expressed that they are willing to cut supply to make sure the market is balanced.”
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