Oil pared a weekly loss as investors weighed signs of progress in the U.S.-China trade war against swelling American crude inventories.
Futures added 0.4% in New York after dropping 0.6% on Thursday. A phase one deal with China is close, White House Economic adviser Larry Kudlow told reporters. U.S. crude stockpiles expanded by 2.22 million barrels last week as production rose to a record, while OPEC signaled that the market remains on course for a surplus in early 2020.
West Texas Intermediate for December delivery rose 24 cents to $57.01 a barrel on the New York Mercantile Exchange as of 10:01 a.m. in Singapore. The contract slid 35 cents to $56.77 on Thursday. Prices are down 0.4% this week.