Oil prices gain 2% despite concerns about rising supplies - Reuters

Oil prices gain 2% despite concerns about rising supplies - Reuters:

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.

Brent crude gained $1.02, or 1.6%, to settle at $63.30 a barrel, while West Texas Intermediate crude rose 95 cents, or 1.7%, to settle at $57.72 a barrel.

Both benchmarks posted their second straight weekly gain. Brent rose 1.3%, and WTI gained 0.8%.

U.S. Commerce Secretary Wilbur Ross said in an interview on Fox Business Network that there was a very high probability the United States would reach a final agreement on a phase one trade deal with China.