Crude oil futures closed higher on Friday as concerns about rising trade tensions between the U.S. and China were partly offset by comments from White House press secretary Karoline Leavitt saying President Donald Trump is optimistic about reaching a trade deal with China. The president has made it very clear he's open to a deal with China. If China continues to retaliate, it's not good for China. However, two senior White House officials said that the U.S. will not reach out to China first and that Chinese President Xi Jinping must request a call with Trump.
Benchmark crude oil futures for May increased $2.35 or about 1.41% at $61.48 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $2.26 or 1.43% to settle at $64.76 a barrel on London's Intercontinental Exchange.