March 23 (Reuters) – Oil prices rose by around 1 percent on Friday, pushed up
by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market.
The rise in oil prices defied global stock markets, which slumped on the back of worries about a trade stand-off between the United States and China. But gold XAU= , seen as a safehaven in times of economic turmoil, rallied to a two-week high on Friday. President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, while China unveiled plans on Friday to impose tariffs on up to $3 billion of U.S. imports. West Texas Intermediate (WTI) crude futures CLc1 were at $64.97 a barrel at 0549 GMT, up 67 cents, or 1 percent, from their previous close.
Brent crude futures LCOc1 were at $69.52 per barrel, up 61 cents, or 0.9 percent. For the week, Brent was set for a gain of about 5 percent, its strongest showing since July last year, while WTI was up about 4.2 percent