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Oil set for weekly gain on trade optimism, OPEC-led supply cuts

The Address | Benghazi – Libya

LONDON – Oil prices rose slightly on Friday, putting them on track for solid weekly gains after financial markets strengthened due to hopes the United States and China may soon resolve their trade dispute.

Tightened supply following OPEC-led crude production cuts aided gains, along with positive signals from top central banks which sent global stocks higher after sharp losses in late 2018.

International Brent crude futures LCOc1 were at $61.76 per barrel at 1200 GMT, up 8 cents, while U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 23 cents to $52.82 per barrel.

WTI and Brent are set for their second week of gains, rising 10 percent and 8 percent respectively.

Markets were supported by hopes that an all-out trade war between Washington and Beijing might be averted. Three days of talks concluded this week with no concrete announcements, but higher-level talks may convene later this month.

Reuters

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