Oil rebounds, records weekly loss

Oil drilling rigs

Oil prices turned higher on Friday as concerns over weak global demand eased amid renewed trade tensions.

Brent crude for December delivery rose 0.38% ($0.23) to $61.29 a barrel, while WTI crude for November delivery gained 0.14% ($0.08) to $57.54 a barrel.

Despite the late rebound, both benchmarks recorded weekly losses of 2.3%, pressured by renewed worries over a global economic slowdown following U.S. President Donald Trump’s decision to impose additional tariffs on China.

Those concerns later subsided after Trump said the tariffs would not last and announced plans to meet Chinese President Xi Jinping in two weeks, helping oil prices recover toward the session’s end.