Oil is heading for the first weekly advance since the end of September as U.S.-China trade talks progress, offering a glimmer of hope for global demand.
Futures rose as much as 1.1% in New York after jumping 1.8% on Thursday, the most in more than three weeks. President Donald Trump said discussions with Chinese counterparts are going “really well” and that they will continue on Friday. OPEC and its allies will do whatever it takes to prevent another oil slump, Secretary-General Mohammad Barkindo said in London.
West Texas Intermediate for November rose 27 cents to $53.82 a barrel on the New York Mercantile Exchange as of 9:58 a.m. Singapore time. The contract climbed 96 cents to $53.55 on Thursday, the highest level in more than a week. Prices are up about 2% this week.