Oil Rebounds: First Weekly Gain Since April

Oil prices rose by 2%, marking their first weekly gain since mid-April, amid optimism over a trade agreement between the United States and the United Kingdom, as well as upcoming talks between Washington and Beijing.

Brent crude futures rose by $1.07 (or 1.7%) to $63.91 per barrel at settlement, while West Texas Intermediate (WTI) climbed $1.11 (or 1.9%) to $61.02, with both benchmarks on track for a roughly 4% gain since the start of the week.

U.S. President Donald Trump said on Friday that China should open its market to the U.S., and that an 80% tariff on Chinese goods “seems appropriate.” This came a day after he announced an agreement with the UK to reduce tariffs on car and steel exports, among other deals.