WASHINGTON (dpa-AFX) - Oil traded lower on Friday but headed for its first weekly gain in three as optimism over peak seasonal demand offset lingering concerns about oversupply.
Benchmark Brent crude futures were down half a percent at $65.02 in European trade while WTI crude futures fell half a percent to $63.05.
Oil prices were up more than 3 percent for the week on renewed optimism about U.S.-Chinese trade negotiations, the likelihood of more U.S. sanctions on Venezuelan oil and the threat of Israeli attacks on Iranian energy infrastructure.
Meanwhile, U.S. President Donald Trump on Thursday held a 90-minute 'very good' phone call with his Chinese counterpart Xi Jinping, according to a Truth Social post by Trump.
'I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal,' Trump wrote. 'The call lasted approximately one and a half hours and resulted in a very positive conclusion for both Countries.
The call comes amid renewed trade tensions between the world's two largest economies.
The focus now shifts to the U.S. jobs report due later in the day, which could shed more light on the state of the world's largest economy and offer additional clues on the Fed's rate trajectory.
A soft print following recent weak labor market data could reinforce stagflation concerns and push the Federal Reserve toward a rate cut, possibly as early as September.
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