Doha: Oil prices closed higher on Friday but posted weekly losses, weighed down by market expectations of a supply surplus and ongoing uncertainty over US-China tariff negotiations. Brent Crude futures rose by 32 cents to settle at $66.87 per barrel, recording a weekly loss of 1.6 percent. U.S. West Texas Intermediate (WTI) crude gained 23 cents to end at $63.02 per barrel, marking a 2.6 percent weekly decline.

According to Qatar News Agency, the price movements followed China’s decision to exempt certain U.S. imports from higher tariffs – a potential sign of easing tensions in the trade war between the two nations. However, Beijing quickly denied U.S. President Donald Trump’s claims that negotiations were currently underway.