Oil prices headed for rebound this week as Trump and Xi resume trade talks [Video]

Oil prices steadied on Friday and were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies.

Brent crude futures fell 9 cents, or 0.1 per cent, to $65.25 a barrel by 8:10 a.m. ET. U.S. West Texas Intermediate crude lost 12 cents, or 0.2 per cent, to $63.25.

On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent has advanced 2.2 per cent this week, while WTI is trading 4.1 per cent higher.

China’s official Xinhua news agency said trade talks between Xi and Trump took place at Washington’s request. Trump said the call had led to a “very positive conclusion,” adding the U.S. was “in very good shape with China and the trade deal.”

Analysis: In Trump-Xi dealings, China seems to have the upper hand

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