Oil prices down but log third weekly rise on trade hopes - Reuters

Oil prices down but log third weekly rise on trade hopes - Reuters:

Oil prices fell on Friday, but both benchmarks logged a third straight weekly gain amid the easing of U.S.-Chinese trade tensions, which has boosted business confidence and the outlook for global economic growth.

Brent LCOc1 crude futures settled at $66.14 a barrel, down 40 cents, or 0.6%, but marked a weekly rise of around 1.4%. U.S. West Texas Intermediate crude CLc1 futures settled at $60.44 a barrel, falling 40 cents, or 1.21%, while gaining about 0.6% on the week.

Progress in the trade dispute between the world’s two biggest oil consumers has raised expectations of higher energy demand next year.

“(The focus) continues to be the developments around the U.S.-China trade situation, with a sufficient amount of positive spin all week,” said John Kilduff, a partner at Again Capital in New York.