Oil prices touched more than three-month highs on Friday, supported by rising hopes that the United States and China would soon reach a deal to end their trade war, but new record U.S. oil production limited gains.
U.S. West Texas Intermediate crude oil futures ended Friday's session 30 cents higher at $57.26 per barrel, its highest closing price since mid-November. WTI also set a fresh intraday high for 2019 at $57.81 and posted a 3-percent weekly rise.
International Brent crude futures were down 2 cents at $67.05 per barrel around 2:30 p.m. ET, after striking a fresh high of $67.73 going back to mid-November. Brent was on track for a weekly gain of about 1.2 percent.
Traders said prices were lifted by hopes that Washington and Beijing could resolve their trade disputes, which have dented global economic growth.