Oil Rebounds But Set for Another Weekly Loss

Crude oil prices staged a rebound earlier today on reports that China had signaled it wants to negotiate with the Trump administration on tariffs. The country’s commerce ministry said it was considering a proposal made by Washington to discuss the tariffs. Even this slim chance of a de-escalation in the tariff war energized oil traders, leading to Brent crude rising to $62.53 per barrel at the time of writing, with West Texas Intermediate at $59.67 per barrel. Despite the rise, both benchmarks are set to end the week lower than they started…