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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Crude oil futures end marginally lower on Monday

Crude oil futures ended marginally lower on Monday on concerns over the outlook for energy demand after data showed another drop in Chinese exports and on uncertainty about the US and China signing a phase one deal before the commencement of the next round of tariff hikes. 

Besides, traders remained on sidelines ahead of the Federal Reserve's monetary policy statement, due on Wednesday. Traders were also looking ahead to the first policy meeting of new ECB President Christine Lagarde.

Benchmark crude oil futures for January declined 18 cents or 0.3 percent to settle at $59.02 a barrel on the New York Mercantile Exchange. January Brent dropped 14 cents or 0.2 percent to settle at $64.25 a barrel on London's Intercontinental Exchange.

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Crude oil futures end lower amid uncertainty about US-China trade negotiations

Crude oil futures ended lower on Monday on concerns about the outlook for energy demand due to slowing global economy and uncertainty about US-China trade negotiations.

President Donald Trump said negotiations between China and the US toward a partial trade deal, referred to as phase one, were going very nicely but he said that recent reports about an agreement to eliminate tariffs in stages were not accurate and emphasized that he believes Beijing needs a deal more than Washington.

The comments made over the weekend as he prepared to head to a trip to Alabama, raised some doubts that a trade resolution was imminent.

Benchmark crude oil futures for December dropped 38 cents or 0.7 percent to settle at $56.86 a barrel on the New York Mercantile Exchange. January Brent fell 33 cents or 0.5 percent to settle at $62.18 a barrel on London's Intercontinental Exchange.

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Oil drops on doubts U.S.-China trade deal will be signed soon, rising U.S. stockpiles

U.S. crude oil futures fell on Friday amid fading hopes that a deal to end the lingering trade war between Washington and Beijing would be signed any time soon, the gloom compounded by rising crude inventories in the United States.

U.S. West Texas Intermediate (WTI) crude was down 15 cents, or 0.2%, at $57 a barrel by 0032 GMT. The contract rose 1.4% on Thursday.

Brent crude the global benchmark, was yet to trade after gaining 0.9% in the previous session.

The trade war between the world's two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

On Thursday, the Chinese commerce ministry said the two countries have agreed in the past two weeks to cancel trade tariffs in different phases, without giving a timeline.

But that comment was shrouded in doubt soon after when Reuters reported that the plan faces stiff internal opposition in the U.S. administration.

Still, Brent is up almost 16% in 2019, supported by a deal between the Organization of the Petroleum Exporting Countries and allies such as Russia to limit supplies until March next year. The producers meet on Dec. 5-6 in Vienna to review the policy.

Meanwhile there is "lingering concern about a rise in inventories in the U.S. last week," ANZ said in a note.

U.S. crude oil stockpiles rose sharply last week as refineries cut output and exports dropped, while refined products extended a multi-week drawdown, the Energy Information Administration said on Wednesday. [EAI/S]

Stocks at the Cushing, Oklahoma, delivery hub for WTI rose by 1.7 million barrels, the EIA said.

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