Oil price up 4% on US-China trade hopes, but sets weekly decline

Oil fields

NEW YORK: Oil prices rose nearly 4% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers.

Brent crude ended the session up $2.07, or 3.5%, at $61.69 a barrel, but notched a drop of about 0.4% for the week.