Oil prices climbed on Friday after China said it was open for talks with the United States on tariffs, raising hopes of a de-escalation in a bitter trade war between the world’s two largest economies.
Brent crude futures rose 49 cents, or 0.8%, to $62.62 a barrel by 0446 GMT, while U.S. West Texas Intermediate crude futures added 50 cents, or 0.8%, to $59.74 a barrel.
China’s Commerce Ministry said on Friday that Beijing is "evaluating" a proposal from Washington to hold talks aimed at addressing U.S. President Donald Trump’s sweeping tariffs, signalling a possible easing of the trade tensions that have rattled global markets.
Concerns that the broader trade war could push the global economy into a recession and crimp oil demand, just as the OPEC+ group is preparing to raise output, have weighed heavily on oil prices in recent weeks.
“If Washington runs with it, as I expect it to, this could be a game-changer in the gloom-and-doom mood that has enveloped markets for weeks,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
