Oil set for weekly gain on trade optimism, OPEC-led supply cuts


Oil set for weekly gain on trade optimism, OPEC-led supply cuts

Oil prices rose 1 percent on Friday, on track for solid weekly gains after financial markets strengthened due to hopes the United States and China may soon resolve their trade dispute.

Tightened supply following OPEC-led cuts in crude output also aided gains, but fears of an economic slowdown have kept markets in check.

International Brent crude futures were at $62.30 per barrel at 0945 GMT, up 62 cents, or 1 percent. U.S. West Texas Intermediate (WTI) crude futures gained 59 cents or 1.1 percent at $53.18 per barrel.

WTI and Brent are set for their second week of gains, rising nearly 11 percent and 9 percent respectively. Read More

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