Brent crude climbs over $1 on US-China talks
Brent crude rose more than $1 a barrel on Friday morning and oil prices were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies.
Brent crude futures gained $1.50, or 1.61%, to $66.39 a barrel by 1349 GMT. U.S. West Texas Intermediate crude climbed $1.02, or 1.61%, to $64.39.
On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent has advanced 2.75% this week, while WTI is trading 4.9% higher.
China’s official Xinhua news agency said trade talks between Xi and Trump took place at Washington’s request on Thursday. Trump said the call had led to a "very positive conclusion", adding the U.S. was "in very good shape with China and the trade deal".
Canada also continued trade talks with the U.S., with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly.
The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the U.S. levies are flowing through into the global economy.
"The potential for increased U.S. sanctions in Venezuela to limit crude exports and the potential for an Israeli strike on Iranian infrastructure add to upside risks for prices," analysts at BMI, a Fitch affiliate, said in a note on Friday.
Source: Reuters
