Crude oil prices showed slight weekly losses on Friday with the continuance of weak global demand and the supply glut in the oil market.
International benchmark Brent crude was trading at $61.27 per barrel on Friday at 1215 GMT for a 0.86% weekly loss after opening Monday at $61.80 a barrel.
American benchmark West Texas Intermediate was at $56.26 a barrel at the same time for a 0.27% weekly decline after it started the week at $56.41 per barrel.
Although U.S.-China trade optimism provided a temporary boost for the markets worldwide, investors are still unsure whether the world's two largest economies and oil consumers will set aside their differences.
As key topics like technology transfer and intellectual property rights remain unresolved, it looks difficult for China and the U.S. to reach a comprehensive and final trade agreement.
Investors around the world are waiting for the 19-month trade war to end, with the promise of brightening global economic outlook and increasing global oil demand.
After China's representative said Thursday that the two countries could roll back reciprocal tariffs to conclude a phase-one trade deal, crude oil prices gained almost 2% during the day. Brent crude closed the day with a 0.9% increase and WTI settled for a 1.4% gain.
Prices, however, lost more than 1.5% on Wednesday after U.S. weekly crude oil inventories once again posted a higher increase than market expectations.
Commercial crude oil inventories increased by 7.9 million barrels, or 1.8%, for the week ending Nov. 1 compared to the market expectation of a 1.5 million-barrel rise.
The U.S.' crude oil production still remains at a record high level of 12.6 million barrels per day, and ensures that crude price pressure persists.
OPEC and its allies will convene in Vienna on Dec. 5-6 for their semi-annual meeting, when the collective group is expected to make deeper cuts in their production levels to rid oversupply in the market and push prices higher.
By Ovunc Kutlu