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Oil Caps Weekly Gain as Traders Shake Off Trump Tariff Comments

  • Investors whipsawed by contradictions in trade war progress
  • WTI ends higher Friday after dropping as much as 2.4%
Oil At MOL Hungarian Oil & Gas Plc's Danube Refinery

Photographer: Oliver Bunic/Bloomberg

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Oil erased an early loss Friday, capping a weekly gain as investors shrugged off a comment by President Donald Trump that the U.S. hasn’t agreed to fully roll back tariffs with China.

Futures in New York climbed 1.9% on the week to settle at a six-week high. U.S. equities drifted after Trump said the U.S. hasn’t agreed to a tariff rollback with China, tempering some of the optimism that a preliminary trade deal will be reached next month. Investors have been whipsawed the past two days amid an onslaught of contradictory headlines about progress in the trade war.