Oil Posts Weekly Gain as Trump Signals Possible Trade Detente
- U.S. president says one-on-one with China’s Xi is imminent
- Crude markets still facing bearish obstacles, OPEC warns
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Oil halted a two-week losing streak as trade tensions between the U.S. and China showed signs of easing, soothing a volatile market focused on the economic growth that underpins crude demand.
Futures rose 0.7% on Friday in New York. The gain capped a tumultuous week of seesawing geopolitical indicators and conflicting supply forecasts. The protracted trade deadlock between the world’s two largest economies showed signs of breaking after U.S. President Donald Trump predicted he would speak “very soon” with Chinese leader Xi Jinping.