Oil futures gain Friday, buoyed by signs of tighter global supplies and progress in trade talks between the U. S. and China, padding what will be a substantial weekly advance led by international benchmark Brent crude.
Oil futures gained Friday, buoyed by signs of tighter global supplies and progress in trade talks between the U. S. and China, padding what will be a substantial weekly advance led by international benchmark Brent.
The market was also optimistic in regard to progress in this week’s trade talks between the U. S. and China, which can influence demand for energy from the globe’s largest two economies.
The U. S. and China made “important progress for the current stage” of their trade negotiations, state-run Xinhua reported Friday, after Chinese President Xi Jinping met with U. S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing.
U. S. benchmark March West Texas Intermediate crude oil
CLH9, +2.32%
rose $1.03, or 1.9%, to $55.44 on the New York Mercantile Exchange.
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April Brent
LCOJ9, +2.43%
added 98 cents, or 1.5%, to $65.55 on the ICE Futures Europe exchange. Prices, settling at $64.57 Thursday, marked their highest finish since November.
Week to date, WTI prices trade around 5.1% higher, while Brent was looking at a rise of 5.
