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(Reuters) - Oil prices settled nearly 2% higher on Friday and notched their first weekly gains since mid-April as a U.S. trade deal with the United Kingdom turned investors optimistic ahead of talks between top officials from Washington and Beijing.
Brent crude futures rose $1.07, or 1.7%, to settle at $63.91 a barrel, while U.S. West Texas Intermediate crude futures advanced $1.11, or about 1.9%, to settle at $61.02.
Week-over-week, both benchmarks gained over 4%.
U.S. President Donald Trump on Friday said China should open its market to the U.S., and that an 80% tariff on Chinese goods "seems right," a day after he announced a deal lowering tariffs on British car and steel exports, among other agreements with the United Kingdom.
"Energy markets - as bearish as they've been - are finally shaking off some of the pessimism and catching the broader market optimism that's showing back up as progress on trade relationships has begun," said Alex Hodes, oil analyst at brokerage StoneX.
The U.S. stock market closed mostly lower on Friday, as investors looked ahead to trade talks expected between the U.S. and China on Saturday.
The Dow Jones Industrial Average fell 119.07 points, 0.3%, to finish at 41,249.38.
The S&P 500 slipped 4.03 points, 0.1%, to end at 5,659.91.
The Nasdaq Composite edged up 0.78 point to close virtually flat at 17,928.92.
All three major benchmarks saw modest weekly declines, as investors weighed the Federal Reserve’s policy decision on May 7 to leave its benchmark interest rate unchanged amid tariff uncertainty. Treasury Secretary Scott Bessent indicated earlier this week that he will meet with a representative from China in Switzerland on Saturday to discuss trade, with investors watching for signs that the U.S.'s 145% levy on goods imported from China may be lowered amid concerns that large tariffs will hurt the U.S. economy.
For the week, the Dow shed 0.2%, the S&P 500 fell 0.5% and the technology-heavy Nasdaq retreated 0.3%. Each index snapped back-to-back weekly gains.
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