So, what does this mean for prices moving forward? Phil Streible, senior market analyst at RJO Futures, told Bloomberg television that $60 is a good average price for 2019: "I think OPEC will wind up getting their way and prop prices up despite US production".
The U.S. Trade Representative's office said in a statement after the three-day talks that officials from U.S. and China discussed "ways to achieve fairness, reciprocity and balance in trade relations".
WALL STREET: Stocks rose for the fourth consecutive session after American and Chinese negotiators extended their talks to a third day.
Indeed, Bloomberg noted that hedge funds this week slashed bets on falling Brent crude prices to the lowest level since mid-November, and wagers on increasing prices climbed the most in a month; the ICE Futures Europe exchange on Friday also reported that Brent net-long positions climbed 3.8 percent to 158,146 options and futures contracts in the week ending January 8. "When the market appeared skewed to oversupply, we have reacted accordingly, and equally, when consumers expressed concerns regarding demand outpacing supply, the partners in the DoC have taken appropriate action". U.S. crude CLc1 was at $51.65 per barrel, down $0.71 or 1.4%.
Both benchmarks were set for their second week of gains, with Brent rising about 6 percent and WTI up almost 8 percent.
POWELL SPEECH: In a speech on Thursday, Federal Reserve Chairman Jerome Powell stressed that the central bank has the "ability to be patient" with its plans to gradually raise interest rates. He echoed the tone of other Fed officials who were present at a meeting last month.
Markets were supported earlier this week by hopes that an all-out trade war between Washington and Beijing might be averted.
"Sentiment is greatly improved, and trade talk optimism has helped boost risk appetite", Jasper Lawler, head of research at London Capital Group, said in a note.
Prices of Brent, West Texas Intermediate, WTI, and OPEC Basket of 14 crudes stood at $60.00, $59.91 and $56.11 per barrel respectively.
Benchmark 10-year notes US10YT=RR were last down 3/32 in price to yield 2.7261 percent after earlier rising to 2.747 percent, the highest since December 28.
Brent has gained more than 20 percent since hitting an 18-month low in late December. It added 23 cents to $52.94 per barrel on Thursday. The Green Organic Dutchman Holdings increased 9.7 per cent, while Canopy Growth Corp. rose 1.93 per cent on the day and 33.8 per cent for the week.
The West Texas Intermediate for February delivery fell 1 US dollar to settle at 51.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery plunged 1.2 dollars to close at 60.48 dollars a barrel on the London ICE Futures Exchange.