Baghdad: Oil prices rose by two percent, achieving their first weekly gains since mid-April, amid optimism about the trade agreement between the United States and Britain and the upcoming talks between Washington and Beijing.

According to National Iraqi News Agency, Brent crude futures increased by $1.07, or 1.7 percent, to settle at $63.91 a barrel, while U.S. West Texas Intermediate crude climbed $1.11, or 1.9 percent, to settle at $61.02. Both crude types are on track to post gains of about 4 percent since the beginning of the week.

US President Donald Trump stated that China should open its market to the United States, suggesting that an 80 percent tariff on Chinese goods “seems appropriate.” This statement came a day after announcing an agreement to reduce tariffs on British auto and steel exports, as well as other agreements with the United Kingdom.