Crude oil futures end higher on Friday

Extending their previous session gains, crude oil futures ended higher on Friday after the US and China said they have reached a preliminary agreement on a phase one trade agreement. Private report said that China confirmed that it reached a deal on the text of a phase one pact, but that the deal would need to first go through legal procedures before it is signed. Trump separately announced a phase one deal and scrapped tariffs on Chinese goods that were set to go into effect on Sunday.

Benchmark crude oil futures for January rose 89 cents or 1.5 percent to settle at $60.07 a barrel on the New York Mercantile Exchange. February Brent surged $1.02 or 1.6 percent to settle at $ 65.22 a barrel on London's Intercontinental Exchange.

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