Oil prices rise marginally, but weekly decline continues

World World: Oil prices rose slightly, but prices fell on a weekly basis due to expectations of higher supply in the market and uncertainty over US-China trade talks.

Brent crude prices rose 32 cents to settle at $66.87 a barrel, marking a 1.6% decline during the week. At the same time, the price of US West Texas Intermediate crude rose 23 cents to $63.02 a barrel, showing a decline of 2.6% on a weekly basis.

At the same time, China on Friday exempted some US imports from its tough tariffs, raising hopes of an easing of the trade war, although Beijing rejected US President Donald Trump’s claim that talks were ongoing.