Oil prices rise on expectations of more OPEC output cuts

Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the U.S.-China trade row could lead to a global slowdown, curbing demand for crude.

International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement.

U.S. West Texas Intermediate (WTI) futures were at $52.79 per barrel, up 25 cents, or 0.5%, from their last close.

Both contracts jumped more than 2% on Thursday to recover from January lows, buoyed by reports that Saudi Arabia, the world's biggest oil exporter, had called other producers to discuss the recent slide in crude prices.

Oil prices have still lost more than 20% from their peaks reached in April, putting them in bear territory.

Global financial markets were rocked over the past week after U.S. President Donald Trump said he would impose 10% tariffs on Chinese goods starting September and a fall in the Chinese yuan sparked fears of a currency war.

China's yuan strengthened against the dollar on Thursday, on the back of strong export growth in July.

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