London — Oil prices rose 1% on Friday, on track for solid weekly gains after financial markets strengthened due to hopes the US and China may soon resolve their trade dispute. Tightened supply following oil cartel 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 a barrel at 9.45am GMT, up 62c, or 1%. US West Texas Intermediate (WTI) crude futures gained 59c or 1.1% at $53.18 a barrel. WTI and Brent are set for their second week of gains, rising nearly 11% and 9%, respectively. Markets were supported by hopes that an all-out trade war between Washington and Beijing might be averted. Three days of talks concluded this week with no concrete announcements, but officials said further negotiations would likely follow this month. “Sentiment is greatly improved, and trade talk optimism has helped boost risk appetite,” Jasper Lawler, head of research at London Capital Group, said in ...
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