Oil prices pared losses on Friday, after earlier falling more than 1% following comments from U.S. President Donald Trump that he has not agreed to roll back tariffs on China, APA reports quoting Reuters.
Brent crude futures rose 3 cents to $62.32 a barrel by 1:23 p.m. EST (1823 GMT). West Texas Intermediate (WTI) crude fell 7 cents to $57.08 a barrel.
Brent was headed for a weekly rise of 0.9%, while WTI was on track to gain 1.4%.
Prices pared losses in midday trade, after Brent reached a session low of $60.66 a barrel and WTI sank to $55.76 a barrel.
“Given the volatility around the U.S.-China trade saga, it’s hard to be short over the weekend,” said John Kilduff, a partner at Again Capital LLC. “The turn of a phrase could restore the very hopes that were dashed just last night over a deal being struck.”
The 16-month trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.