Oil Heads for Weekly Gain as Trade War Headlines Whipsaw Market - Bloomberg

Oil Heads for Weekly Gain as Trade War Headlines Whipsaw Market - Bloomberg:

Oil headed for a weekly increase as hopes that the U.S. and China could resume negotiations to resolve their trade dispute capped a week of volatile trading.

Futures traded 0.6% higher on Friday in New York, bringing their gain for the week to 0.5%. President Donald Trump said he had a call coming soon with his Chinese counterpart Xi Jinping after a pledge from Beijing to retaliate against planned U.S. tariffs. Earlier in the week, oil surged the most in more than a month after the Trump administration said it would delay levies on some products.

Crude pared earlier increases on Friday after OPEC, the cartel that pumps about a third of the world’s oil, said in a monthly report that the outlook is “somewhat bearish” for the rest of this year because of slowing economic growth and the trade war.