Oil headed for its biggest weekly gain in over 2 years on hopes that OPEC will manage to shrink a glut and trade tensions between the USA and China will ease.
Optimism that the trade standoff would be resolved also lifted oil prices.
Futures in NY have advanced 10 percent this week, as Saudi Arabia pledged that a producer coalition it's leading will keep the market in balance.
"These risks seem more under control", said Kristina Hooper, chief global market strategist at Invesco in NY.
The surge in USA production runs counter to efforts led by the Organization of the Petroleum Exporting Countries to cut supply and rein in an emerging glut.
Optimism regarding a trade deal boosted U.S. Treasury yields to their highest this year, while the U.S. dollar extended its losses after minutes from a December 18-19 Federal Reserve policy meeting showed that many Fed policymakers said the central bank could be patient on future rate hikes.
On Tuesday, crude oil prices were slightly down at the start of trading, despite reports that Saudi Arabia cut its crude exports to help boost prices.
Crude oil prices rallied sharply over the last nine sessions on news about production cuts by OPEC and some non-OPEC members and amid optimism about the USA and China striking a trade deal before the expiry of a 90-day truce agreed upon in early December by the Presidents of the US and China. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.58 to settle at $52.36 a barrel, a 5.2 percent gain. Hong Kong's Hang Seng rose 0.6 percent to 26,667.27. It added another 23 cents to $52.59 per barrel on Thursday.
The pan-European STOXX 600 benchmark closed up 0.53 percent, its highest close in almost four weeks. Brent, the global benchmark, finished the day up 22% since bottoming out.
OPEC and its oil-producing allies, including Russian Federation, reached an agreement to slash oil production by a total of 1.2 million barrels per day in December, in a bid to shore up falling prices due to fears of oversupply.
"However, investors are becoming increasingly confident that OPEC+ production cuts will balance the market", ANZ said.
Treasury Secretary Steven Mnuchin announced that Chinese Vice Premier Liu He will "most likely" visit Washington on January 30 and 31 to meet with his U.S. counterparts, including U.S. Trade Representative Robert Lighthizer, reports Reuters.
ANALYST'S TAKE: "The sentiment pendulum has swung from USA recession fears to optimism for a dovish Fed and positive US-China trade talks". China's Ministry of Commerce said there were "detailed exchanges" and both sides would "maintain close contact", without offering specifics.
Iranian Oil Minister Bijan Zanganeh said USA sanctions against his country were "fully illegal" and Tehran would not comply with them.
Meanwhile, dovish commentary by Federal Reserve Chairman Jerome Powell and his deputy Richard Clarida has added to positive investor sentiment.
I think all of us ought to be united, regardless of party, in saying, white supremacism, white nationalism, is hatred. On Friday, House Speaker Nancy Pelosi , D-Calif., suggested the chamber will take some punitive action against King.
They then come upon memorial statues of themselves as the crypt begins to turn icy cold, presumably as the Night King nears. This eighth season is only six episodes long, which means the finale should be on May 19 if HBO doesn't skip any Sundays.
There are a few little perks available to you when you preorder the merchandise of Kingdom Hearts 3 Standard edition. Go behind sora and his friends as they attempt to stop Heartless, an evil force, as they hold over the universe.
He continues to be an bad representation of the YouTube community & shows he truly has learned NOTHING over the a year ago . Just when you thought Logan Paul was coming to his senses, he finds a new demographic with sensory language.
Only recently has it begun to speak publicly about thwarting the weapons smuggling from Iran through Styria into Lebanon. But with that war winding down, Israeli security officials fear Hezbollah is refocusing its attention on Israel.
British tennis superstar Andy Murray will retire as one of the sport's highest-earning players in history in terms of prize money. Amid the excited buzz of the season's first Grand Slam for the world's top players, there's also a weight of expectation.
Far outside our Milky Way galaxy , something is causing repeating short bursts of radio waves to be released into space . The findings were presented during a meeting held by the American Astronomical Society in Seattle, Wash., on Thursday.
Main storyline heading into Sunday: Since 2011, five players have opened a PGA Tour event with consecutive rounds of 63 or better. Five-time PGA Tour victor Hideki Matsuyama is 10 shots off the lead, tied for 35th, after also shooting a 3-under 67.
Williamsburg to miss the brunt of snow storm
Various Twitterati used #snurlough and #snowpocalypse2019 hashtag linkages to share pictures of the event. The Weather Network reported at least three deaths via Missouri State Highway Patrol (MSHP).
White House sought military strike against Iran
National Security Adviser John Bolton, and it is unknown if Bolton had conversed with the President prior to making the request. The decision was prompted by three mortars being fired into a diplomatic quarter in Baghdad in September, the newspaper said.
Pompeo confident of good outcome for Turkey and Kurds
Syria has been in a state of civil war since 2011, with government forces fighting opposition groups and terrorist organizations. Pompeo's remarks follow tensions between the U.S. and Turkey over the fate of Washington's allies in the fight against ISIS.
MLB Insider Has Major Update On QB Kyler Murray
That would be taking special treatment to a new level, but MLB thinks that highly of Murray and wants him in baseball. Whatever sport he chooses, Murray, 21, will need to begin training for it sooner than later.
Rams turn to running game
The Rams will be in the conference championship game for the first time since the 2001 season when they beat the Eagles. LeBron James is taking some heat for what he was spotted doing after Saturday's Cowboys-Rams game.
Man who killed rookie cop said he was hit by ultrasonic waves
At one point, Limbaugh emerged from the home wearing a bulletproof vest and yelled at the officers before going back inside. The man accused of murdering a California police officer was ordered to surrender an AR-15 in another case a year ago .