HOUSTON, June 6 : Brent crude rose more than $1 a barrel on Friday and oil prices were on track for their first weekly gain in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world鈥檚 two largest economies.

Brent crude futures gained $1.50, or 1.61 percent, to $66.39 a barrel by 4:49 p.m. Saudi time. US West Texas Intermediate crude climbed $1.02, or 1.61 percent, to $64.39.

On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent has advanced 2.75 percent this week, while WTI is trading 4.9 percent higher.

China鈥檚 official Xinhua news agency said trade talks between Xi and Trump took place at Washington鈥檚 request. Trump said the call had led to a 鈥渧ery positive conclusion,鈥� adding the US was 鈥渋n very good shape with China and the trade deal.鈥�

Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly.

The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy.

鈥淭he potential for increased US sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices,鈥� analysts at BMI, a Fitch affiliate, said in a note on Friday.

鈥淏ut both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters.鈥�

Top exporter 萝莉视频 cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July.

鈥淭he market looks balanced in 2Q/3Q on our estimates as oil demand rises in summer and peaks in July-August, matching supply increases from OPEC+,鈥� HSBC said in a note.

鈥淭hereafter, accelerated OPEC+ hikes should tip the market into a bigger 4Q25 surplus than previously forecasted,鈥� the bank added.