Crude climbed on Friday for the second day in a row after advancing to the weakest levels since January. Market participants mostly bet the benchmark contracts were oversold and pessimism waned somewhat regarding the global economy and the perceived chances the United States would conduct trade war in two fronts. Mexico's diplomats are trying to persuade United States President Donald Trump to delay or abolish the introduction of import tariffs in bilateral trade. He has explained his decision to introduce the measures by pointing to massive illegal immigration from the south.
Elsewhere, traders were assessing the stance of Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, and that of Russia and its bloc of oil producers, about whether to prolong output caps which were intended to prop up prices amid an economic slowdown and rising inventories.
West Texas Intermediate for delivery next month jumped 1.29% to $53.27 per barrel at 7:52 am CET. Brent for settlement in August rose 1.41% to $62.54 for one barrel. Today it touched a one-week high at $62.63.
