DTN Oil Update
Oil Extends Gains Ahead of US-China Trade Talks
VIENNA (DTN) -- Oil futures extended gains Friday morning ahead of the first official meeting between Chinese and U.S. officials to discuss trade terms. The meeting, scheduled for Saturday in Switzerland, sparked hopes of a reversal or softening of recently implemented U.S. trade and tariff policies.
NYMEX-traded WTI for June delivery was up $0.57 bbl to trade near $60.48 bbl, and ICE Brent for July delivery rose $0.60 bbl to $63.44 bbl.
June RBOB gasoline futures gained $0.0075 to $2.0929 gallon, while the front-month ULSD futures contract was up $0.0093 to $2.0493 gallon.
The U.S. Dollar Index softened by 0.520 points to 99.970.
After two back-to-back weekly losses, oil futures were set for weekly gains but remained far below prices two weeks ago. Oversupply concerns in light of OPEC+ rapidly ramping up output remained a driving factor for the market, and trade negotiations, while sparking economic optimism, are not expected to yield quick results.