Oil closes higher after falling more than 1 percent

UNITED STATES (OBSERVATORY NEWS) — Oil prices closed higher on Friday after falling more than 1 percent during the session following comments from US President Donald Trump that he had not agreed to abolish customs duties on goods from China.

Brent crude futures ended 22 cents higher at $ 62.51 a barrel.

US West Texas Intermediate (WTI) crude futures rose 9 cents to settle at $ 57.24 a barrel.

Both benchmarks ended the week on gains, with US crude up 1.9 percent and Brent 1.3 percent higher.

The 16-month-old trade war between the world’s two largest economies has slowed economic growth around the world and prompted analysts to lower their forecasts for oil demand, raising concern about an oversupply of 2020.

Earlier on Friday, oil prices fell after Trump told reporters he did not agree to abolish customs duties on goods from China, but Beijing was looking to him to do so.

“Oil is breathtaking as traders await more details about the trade talks,” said Stephen Ince, an Asia-Pacific market expert at Axitrader.

The US Energy Information Administration said on Wednesday that US crude oil inventories rose strongly last week as refineries cut production and exports fell, while refined products continued to decline a few weeks ago.

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