Oil rises nearly 4% on U.S.-China trade hopes, but sets weekly decline - Reuters

Oil rises nearly 4% on U.S.-China trade hopes, but sets weekly decline - Reuters:

Oil prices rose nearly 4% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers. 

Brent crude ended the session up $2.07, or 3.5%, at $61.69 a barrel, but notched a drop of about 0.4% for the week.

West Texas Intermediate crude settled $2.02, or 3.7% higher at $56.20 a barrel, but fell about 0.8% in the week.

U.S.-China trade talks are progressing well and the United States aims to sign an initial deal this month, top Trump administration officials said, offering reassurance to global markets after nearly 16 months of tit-for-tat tariffs.