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
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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.