Oil prices edged lower on Friday and posted weekly losses, as concerns about slower global economic growth outweighed hints of progress in the U.S.-China trade dispute, APA reports quoting Reuters.
Brent crude LCOc1 futures fell 16 cents to settle at $60.22 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures delivery fell 24 cents to end at $54.85 a barrel.
Brent fell 2.1% for the week, its first decrease in five weeks. WTI lost about 3% loss for the week, its first decrease in three weeks.
The world’s two largest economies have been making conciliatory gestures as they prepare for new talks.
China will exempt some U.S. agricultural products from additional tariffs, China’s official Xinhua News Agency said.
Oil prices, however, remained under pressure by concern about a weaker demand outlook.