Oil prices sink but on track for third weekly rise on trade hopes
Oil fell on Friday, but prices were set for a third straight weekly gain amid the easing of U.S.-Chinese trade tensions, which has boosted business confidence and the outlook for global economic growth. Brent was down 55 cents, or 0.8%, at $65.99 a barrel by 1:33 p.m. EST (1833 GMT), but marking a weekly rise of around 1%. U.S. West Texas Intermediate crude was down 92 cents, or 1.5%, at $60.26 per barrel, but has gained about 0.3% on the week. Progress in the trade dispute between the world’s two biggest oil consumers has raised expectations of higher energy demand next year.
China on Thursday announced a list of import tariff exemptions for six oil and chemical products from the United States, days after Washington and Beijing said an interim trade deal is set to be signed in January. Advancement of the U.S.-Mexico-Canada Agreement (USMCA), which is set to replace the North American Free Trade Agreement (NAFTA), has also boosted oil this week. The agreement was passed by the U.S. House of Representatives on Thursday.
