The North Sea crude, a benchmark in Europe, concluded the session at the Intercontinental Exchange trading at $1.13 above the $65.34 at which it ended on Thursday.
Brent gained ground today, closing the week with a 4.02% increase compared to the end of the previous week, fueled by investor optimism following a phone call between Donald Trump and Chinese President Xi Jinping. The two leaders decided to initiate a new round of negotiations to alleviate trade tensions.
Today, Trump announced on his social media platform that the meeting to discuss tariffs with the Chinese will take place on June 9 in London.
The escalation of the trade war between the world’s two largest economies had heightened fears of a global recession, which in turn dampened expectations about oil demand and put downward pressure on prices.
