Oil prices clock strong weekly gains on trade hopes, crude supply - Reuters:
Oil prices rose on Friday, registering the strongest weekly gains in more than a month as support from optimism over a U.S.-China trade deal, falling U.S. crude stocks and possible action from OPEC to extend output cuts outweighed broader economic concerns.
West Texas Intermediate (WTI) crude futures settled 43 cents, or 0.8%, higher at $56.66 a barrel, clocking a weekly rise of more than 5%, its strongest since June 21. Brent crude ended 35 cents, or 0.6%, higher at $62.02 a barrel, logging a weekly gain of more than 4%, its best since Sept. 20.
Oil got a boost from signs of progress in talks on resolving the U.S.-China trade dispute that has weighed on crude demand. Washington officials on Friday said the United States and China were close to finalizing the first part of a trade deal after months of a tariff war.
Oil prices rose on Friday, registering the strongest weekly gains in more than a month as support from optimism over a U.S.-China trade deal, falling U.S. crude stocks and possible action from OPEC to extend output cuts outweighed broader economic concerns.
West Texas Intermediate (WTI) crude futures settled 43 cents, or 0.8%, higher at $56.66 a barrel, clocking a weekly rise of more than 5%, its strongest since June 21. Brent crude ended 35 cents, or 0.6%, higher at $62.02 a barrel, logging a weekly gain of more than 4%, its best since Sept. 20.
Oil got a boost from signs of progress in talks on resolving the U.S.-China trade dispute that has weighed on crude demand. Washington officials on Friday said the United States and China were close to finalizing the first part of a trade deal after months of a tariff war.
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