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Oil gains 1.7%, shrugging off rising supply concerns
Saturday, 16 November 2019 03:09 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.

Benchmark Brent crude gained $1.03, or 1.7%, to settle at $63.31 a barrel, while West Texas Intermediate crude rose 95 cents, or 1.7%, to settle at $57.72 a barrel. Brent and WTI both posted their second straight weekly gain.

U.S. Commerce Secretary Wilbur Ross said in an interview on Fox Business Network on Friday that there was a very high probability the United States would reach a final agreement on a phase one trade deal with China.

Source : Reuters

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