London — Oil prices rose on Friday after the Saudi energy minister said Opec would need to keep co-ordinating supply cuts with non-member countries including Russia into 2019. The rise in oil defied global stock markets, which slumped on the concern about a trade stand-off between the US and China. Gold, seen as a safe haven, hit a two-week high. US President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to $60bn of imports from China, while China unveiled plans on Friday to impose tariffs on up to $3bn of US imports. Brent crude futures were at $69.18 a barrel at 9.18am GMT, up 27c on the day but off a session high of $70. For the week, Brent was up about 4.5%, its strongest showing since October last year. US West Texas Intermediate (WTI) crude futures were at $64.67 a barrel, up 37c. On the week, WTI was up about 3.7%. Saudi Energy Minister Khalid al-Falih said on Thursday that Opec members would need to continue co-ordinating with Russia and other ...
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