Oil prices rose more than 1 percent on Friday amid renewed optimism that a trade deal could be struck between Washington and Beijing, calming fears that a protracted tariff war would harm global economic growth.
Brent oil futures were at $71.11 a barrel at 0217 GMT, up 72 cents, or just over 1 percent, from their last close. Brent closed little changed in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were at $62.38 per barrel, up 68 cents, or 1.1 percent, from their previous settlement. WTI ended the last session down 0.7 percent.
Analysts and traders said oil was drawing support on renewed hopes for a China-U.S. trade deal after U.S. President Donald Trump said he received a “beautiful letter” from Chinese President Xi Jinping.
Trump quoted the letter as saying: “Let’s work together let’s see if we can get something done.”
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