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Oil Reaches 2019 High as Saudis Curb Output, Trade Tensions Ease

  • Russia, Saudi Arabia plan to accelerate OPEC+ supply cuts
  • WTI caps biggest weekly gain in a month, approaching $56
This Is Where Saudi Arabia Gets Its Oil
Photographer: Simon Dawson/Bloomberg
Updated on

Oil rose to the highest level this year as Saudi Arabia curtailed output at its largest offshore field and amid signals of a thaw in U.S.-China trade tensions.

Futures in New York advanced 2.2 percent Friday. Saudi Arabia was said to trim supply from its giant Safaniyah field to repair a damaged power cable. Chinese President Xi Jinping said U.S.-China trade talks would continue next week in Washington. The countries are racing to reach a deal that would avert a tariff increase on Chinese goods after March 1.