Oil headed for a second weekly increase as the U.S. and China worked on resolving their trade impasse, and as output cuts by OPEC and its allies balanced surging American supply.
Futures in New York edged higher Friday, taking this week’s increase to 2.7 percent. President Donald Trump will meet with China’s vice premier and top trade negotiator on Friday as the world’s two biggest economies try to resolve their differences. While U.S. crude stockpiles have increased for five straight weeks and production has jumped to a new record, Saudi Arabia and its partners’ output cuts are creating some optimism among traders.
West Texas Intermediate for April delivery gained 8 cents to $57.04 a barrel on the New York Mercantile Exchange at 10:28 a.m. in London after reaching a three-month high on Thursday. Futures have added $1.47 this week.
Brent for April settlement increased 11 cents to $67.18 a barrel on the London-based ICE Futures Europe exchange, and has risen 92 cents this week. The global benchmark crude was at a $10.12 premium over WTI.